Japan's trade deficit widened to 1.1 trillion yen in August as energy import costs surged due to high oil prices and the Iran conflict, with petroleum imports from the U.S. jumping over 1,000% year-on-year. Export growth slowed for the first time in six months but still beat expectations at 19.3%, driven by semiconductor equipment shipments to China and the U.S.
OpenAI's Sam Altman detailed AI safety frameworks and joined industry leaders in calling for a slowdown in AI development, citing risks of losing control to AI systems. The proposal includes independent evaluators, common safety standards, and international coordination, though President Trump dismissed the concerns as unnecessary for U.S. competitiveness against China.
China's Foreign Ministry dismissed U.S. AI executives' calls for slower AI development as fear-mongering, while Beijing's security minister urged acceleration of AI safety systems, framing the technology as a strategic battleground. U.S. leaders including President Trump opposed the slowdown, citing competitive risks against China.
Stock futures declined Sunday as investors reacted to AI safety concerns, with OpenAI CEO Sam Altman announcing the company would delay its IPO beyond 2024 and Anthropic's Dario Amodei calling for slower AI innovation. Oil prices rose over 2% following Saudi Arabia's pipeline shutdown, while markets await the Federal Reserve's September policy decision.
General Motors is developing next-generation battery cells, including sodium-ion technology with startup Peak Energy, to reduce U.S. dependence on Chinese materials and boost domestic production by 2029. The initiative comes as the Trump administration criticizes Ford for its ties to Chinese battery companies, with GM positioning itself as pursuing a fully domestic supply chain alternative.
U.S. crude oil prices surged to $102 per barrel this week, their highest level since May, driven by escalating Middle East conflict and a potential shift in China's demand. China's reduction of crude imports during the Iran war has been a key factor suppressing prices, but refiners are now incentivized to increase purchases due to high profit margins, potentially pushing oil toward wartime highs of $112.95 if China sustains higher buying levels.
Stock futures rose modestly Friday ahead of August's consumer price index report, as markets digest weak Thursday trading and elevated oil prices linked to U.S.-Iran tensions. Asia-Pacific indices fell across the board, with South Korea's Kospi and Japan's Nikkei leading declines, while oil surged past $100 per barrel and bond yields hit their highest levels since mid-2023.
Apple launched its first foldable iPhone, prompting Samsung to mock the late entry with sarcastic social media posts. Markets focused on crude oil surging above $100 a barrel amid ongoing U.S.-Iran tensions, raising odds of Fed rate hikes, while President Trump's proposal for $5,000 checks to Americans drew bipartisan criticism over its $1.2 trillion cost.
Apple launched its first foldable phone, the iPhone Duo, in China at 15,999 yuan, facing skepticism from consumers who view it as expensive compared to established domestic competitors like Huawei, Xiaomi, and Vivo. The device enters a mature foldable market where Samsung leads globally with 32% market share, while Chinese rivals have already released competing models at comparable or lower prices.
Ford announced a $1 billion investment in a new paint shop at its Kentucky Truck Plant, days after Transportation Secretary Sean Duffy criticized the automaker's ties to Chinese companies. The facility, which produces Ford's Super Duty trucks and luxury SUVs, is one of Ford's most profitable plants globally.
Samsung is intensifying efforts to attract iPhone users to its foldable phones as Apple enters the market with its first foldable iPhone. The company reports higher switcher rates for its Galaxy Z Fold8 and Flip8 models and has upgraded its Smart Switch feature to simplify data transfer from iPhones. Samsung currently leads the global foldable market with an expected 32% share, but Apple is projected to capture 25% as competition intensifies.
Stock futures edged higher Thursday as traders awaited the producer price index report on wholesale inflation, following a three-day decline in major indices. Rising oil prices amid U.S.-Iran tensions and elevated Treasury yields pressured markets, with crude futures reaching their highest settlement prices since May.
China's consumer and wholesale inflation rebounded in August, with producer prices rising 3.8% and consumer prices up 0.8% year-over-year, driven mainly by higher global commodity costs and tech demand rather than genuine domestic consumption strength. Economists attribute the gains to favorable base effects and energy price surges linked to regional tensions, while underlying domestic demand remains weak with services and consumer goods inflation continuing to lag.