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The Ifo institute said its business climate index increased to 85.1 in January, from 84.7 in December, mainly due to a more positive assessment of the current situation.
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However, expectations for the future worsened again, as companies continue to be pessimistic.
\n In manufacturing, business sentiment worsened further, as companies were even more skeptical about the coming months while saying the current business situation had improved. Incoming orders continue to decline. Capacity utilisation remained little unchanged at 76.5%, well below the long-term average of 83.4%.
\n In the service sector, the index rose significantly, as companies assessed their current business situation as considerably better, while expectations also improved. In particular, IT service providers viewed their outlook as less negative.
\n In trade, business sentiment was unchanged, as wholesale traders assessed their current situation as more positive. However, expectations were slightly more pessimistic, driven by retailers.
\n In construction, confidence worsened again due to companies’ poorer expectations, while the current situation was viewed as slightly better.
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The pan-European Stoxx 600 has lost 0.75% this morning, with technology stocks down by 4.5%.
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The Dutch chipmaker ASML slid by 8.2% while Germany’s Siemens Energy, which provides hardware for AI infrastructure, lost 4.1% and France’s digital automation firm Schneider Electric fell by 6.8%.
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Last week, the Chinese lab DeepSeek has rolled out a free AI assistant that it says uses lower-cost chips and less data, kicking off a global AI race. It threatens to challenge the assumption in financial markets that AI will drive demand along a supply chain from chipmakers to data centres.
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DeepSeek unveiled R1, an AI that analysts say rivals OpenAI’s top reasoning model, o1. Astonishingly, it matches o1’s capabilities while using a fraction of the computing power – and at a tenth of the cost.
“,”elementId”:”52059f98-e4fb-4255-8edf-428e6b528367″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”The Guardian view on a global AI race: geopolitics, innovation and the rise of chaos | Editorial”,”elementId”:”3dd0bee0-27d2-4368-80b2-0a2091759419″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/commentisfree/2025/jan/26/the-guardian-view-on-a-global-ai-race-geopolitics-innovation-and-the-rise-of-chaos”}]”attribute”: {“pinned”: false, keyevent “: true, ” summary “: false}, ” blockcreatedon “: 1737967518000, ” blockcreatedondisplay “: ” 03.45 est “, ” blocklastupdated “: 1737968019000, ” block -lastateddisplay “:” 1737968019000 ” “03.53 EST”, “BlockFirstPublished”: 1737967891000, “BlockFirstpublishedDisplay”: “03.51 EST”, “BlockFirstpublishedDisplayNotimezone”: “03.51”, “Title”: “European tech stocks rattled by China's AI push” “Contributors”[]”PrimaryDateline”: “January 27, 2025 04.24 EST”, “DecondaryDateline”: “First published on January 27, 2025 03.08 EST”}, { “id”: “6797327B8F08082CD7EF1E04”, “Elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
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Britain’s second-biggest drugmaker GSK has struck a deal with the University of Oxford under which it will pump up to £50m into early cancer research to develop new treatments.
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The partnership lasts at least three years, and will focus on how cancer develops that could inform future development of cancer vaccines.
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Most cancers take years or even decades to develop from normal cells to precancerous cells to cancer. Oxford University specialises in the study of precancer biology including the identification and sequencing of neoantigens, or tumour-specific proteins that prompt the immune system to recognise cancer. An active intervention like a vaccine or targeted medicine could prevent them from progressing to cancer.
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Professor Irene Tracey, vice-chancellor of the University of Oxford, hailed the partnership as “a step forward in cancer research”.
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Tony Wood, GSK’s chief scientific officer, said:
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We’re pleased to further strengthen our relationship with Oxford University and to combine the deep knowledge of Oxford and GSK scientists. By exploring precancer biology and building on GSK’s expertise in the science of the immune system, we aim to generate key insights for people at risk of developing cancer.
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GSK already has a partnership with the Institute of Molecular and Computational Medicine in Oxford, which focuses on neurological diseases, as well as other collaborations including one with the University of Cambridge announced in October, which focuses on hard-to-treat kidney and respiratory diseases.
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The US dollar rose after Donald Trump threatened tariffs and sanctions on Colombia for turning away military aircraft carrying deported migrants, before a last-minute deal was agreed.
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The dollar is up by 0.3% against a basket of major currencies.
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The US and Colombia pulled back from the brink of a trade war on Sunday after the White House said the Colombians had agreed to accept military aircraft carrying deported migrants.
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In a statement late on Sunday, the White House said Colombia had agreed to accept the migrants and Washington would not impose its threatened penalties.
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European stock markets have opened lower, and US stock futures and several Asian markets have also fallen after the Chinese startup DeepSeek launched a free open-source AI model to rival OpenAI’s ChatGPT.
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Traders are worried about the impact of the low-cost Chinese app on Western tech stocks.
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The UK’s FTSE 100 index dropped by 0.3% or 31 points, to 8,470, while Germany’s Dax lost 0.9%, France’s CAC was flat and Spain’s Ibex and Italy’s FTSE MIB both fell by around 0.3%.
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In Asia, Japan’s Nikkei fell by 0.9% with tech stocks down, while Hong Kong’s Hang Seng rose by 0.6% and South Korea’s Kospi gained by 0.85%. In mainland China, the Shanghai Composite slipped by 0.06% while the Shenzhen Composite fell by 1.3%.
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The Agenda
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- \n
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9am GMT: Germany Ifo Business confidence for January
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3pm GMT: US New home sales for December
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3.35pm GMT: ECB President Christine Lagarde speaks
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important events
As previously reported, GSK will spend up to £50 million on a project with the University of Oxford to investigate whether vaccines can be used to prevent some cancers.
Scientists are becoming increasingly optimistic about the potential for cancer vaccines, aimed at helping patients' own immune systems fight cancer. Some of the vaccines already being tested on patients, including in the UK, are tailored to an individual's tumor.
“Cancer doesn't come from anywhere,” he said. Sarah BlagdenProfessor of Experimental Oncology at Oxford, in an interview with BBC Radio 4's Today programme.
Cancer can take up to 20 years, sometimes longer, to develop. Normal cells migrate to become cancerous. At that point, most cancers are invisible.
The purpose of vaccines is not to vaccinate against an established cancer, but to actually vaccinate against its precancerous stage.
Blagden will lead the research program alongside GSK's Timothy Clay and Ramon Kemp.
German business sentiment unexpectedly improves
Business sentiment unexpectedly improved this month in Germany, Europe's largest economy.
The Ifo Institute said the business environment index increased to 85.1 in January, mainly from 84.7 in December. For a more positive assessment of the current situation.
However, expectations for the future have soured again as companies remain pessimistic.
In manufacturing, business sentiment has worsened further as companies remain more skeptical while saying the current business situation has improved. Incoming orders continue to decline. Capacity utilization remained unchanged at 76.5%, not significantly below the long-term average of 83.4%.
In the services sector, the index rose significantly as companies assessed the current business situation fairly well, but expectations also improved. In particular, IT service providers viewed their outlook as less negative.
In trade, business sentiment remained unchanged as wholesale traders rated the current situation as more positive. However, expectations promoted by retailers were a bit pessimistic.
During construction, confidence deteriorated again due to poor corporate expectations, although the current situation was considered slightly better.
European tech stocks were rattled by China's AI push
The pan-European Stoxx 600 lost 0.75% this morning, with technology stocks down 4.5%.
Dutch chip manufacturer ASML Germany slid 8.2% siemens energywhich provides hardware for AI infrastructure, lost 4.1%, French digital automation company schneider electric It fell by 6.8%.
Last week, the Chinese laboratory deepseek We deployed a free AI assistant that uses low-cost chips and less data to start the global AI race. AI threatens to challenge financial market assumptions that drive demand along the supply chain from chipmakers to data centers.
Deepseek announces R1 analyst Rival Open's top inference model is called O1. Surprisingly, it matches the functionality of O1 while using a fraction of the computing power and at 1/10th the cost.
Richard Hunter, Head of Markets at Investment Platform Interactive Investor, has been looking at Chinese startup DeepSeek.
Its new AI app is ahead of corporate results for large US companies.
It looks like there's a new kid on the tech block, and early signs are that the last week of January will provide the first sustained volatility in the new year.
Chinese AI company deepseek We have released new products that have a fraction of the development costs seen in the United States and can provide some protection against the restrictions that the United States has placed on China as this particular battle intensifies. Japanese chip stocks fell sharply overnight, and while it's too early to say with absolute certainty, US futures are currently looking weak ahead of the opening bell.
It is premature to describe Deepseek as an existential threat to US-based AI solutions. Similarly, investors will almost certainly put cats in the pigeons as they scramble to assess the potential damage in a burgeoning industry that has powered many of the gains seen in major indexes over the past few years. Place it in New news of new threats to US dominance seen over the weekend comes a week before four of the “Grand Seven” report earnings are seen. meta platform, microsoft, tesla and apple. Suddenly, the big question is whether hundreds of millions of dollars of investment in AI needs to be reevaluated, independent of the results they provide.
The news comes after the benchmark S&P 500 gave up gains that briefly destroyed it, ending the week 0.3% lower after a weak close in US markets on Friday. Hunter added:
The new president's pro-business rhetoric has been positive for markets so far, but his promised serious action on tariffs has yet to materialize, at least for now. Despite the weakness leading to the end of January, the Dow Jones has added 4.4% so far this year, with gains of 3.7% and 3.3% for the S&P 500 and Nasdaq, respectively.
Quite apart from AI considerations, investors should spin some plates this week. Corporate updates switch to top gear with releases like boeing, starbucks, intel, IBM, chevron and exxon mobil After a promising start to the season.
The Core Personal Consumer Expenditure Report will also be released on Friday, and the Federal Reserve's preferred inflation rate will provide the latest view on price increases, but it also comes after the Fed releases its latest interest rate decisions. The price of a decision that does not change.
Whsmith shares jumped 8% after selling 500 UK High Street Stores.
The surprise move to hoist the legacy retailer's 'for sale' signs creates uncertainty for its 5,000 staff but was welcomed by investors.
The 232-year-old chain is in talks with a small number of potential bidders, having begun a potential sale process late last year.
Negotiations are focused on 500 shops selling newspapers, books, stationery, cards and gifts, but it is understood the use of the brand itself will be up for negotiations with prospective buyers.
Introduction: GSK signs £50m contract with Oxford University for cancer vaccine. Dollar rises after Trump U-turn on Colombia tariffs
Good morning and welcome to our comprehensive coverage of business, financial markets and the global economy.
Britain's second largest drug manufacturer GSK It has signed a deal with the University of Oxford, where it will pump up to £50 million into early cancer research to develop new treatments.
This partnership will last for at least three years and will focus on how cancer develops, which can inform the future development of cancer vaccines.
Most cancers take years to develop from normal cells to precancerous cells to cancer. The University of Oxford is conducting research into the biology of pre-symptomatic disease, including the identification and sequencing of tumor-specific proteins that help the immune system recognize cancer, or tumor-specific proteins that help the immune system recognize cancer. I specialize in Active interventions like vaccines and targeted drugs can prevent them from progressing to cancer.
professor Eileen TraceyVice-Chancellor of the University of Oxford, welcomed the partnership as “a step forward in cancer research”.
tony woodGSK's Chief Scientific Officer, said:
We are delighted to further strengthen our relationship with the University of Oxford and combine the deep knowledge of Oxford and GSK scientists. By exploring the biology and architecture of pre-cancers, GSK's expertise in the science of the immune system aims to generate key insights for people at risk of developing cancer.
GSK already has a partnership with Oxford's Institute of Molecular and Computational Medicine. It focuses on neurological diseases and other collaborations. with the University of Cambridge Announced in October, it focuses on kidney and respiratory diseases that are difficult to treat.
The U.S. dollar strengthened after Donald Trump threatened tariffs and sanctions in Colombia to chase away military planes carrying deported migrants before a last-minute deal was agreed.
The dollar is up 0.3% against a basket of major currencies.
The United States and Colombia pulled back from the brink of a trade war on Sunday after the White House said Colombians had agreed to accept military planes carrying deported migrants.
In a statement later Sunday, the White House said Colombia had agreed to accept the migrants and that Washington would not impose its threatened penalties.
European stock markets opened lower, and US stock futures and some Asian markets also fell after Chinese startup Deepseek launched a free, open-source AI model comparable to Openai's ChatGPT.
Traders are worried about the impact of low-cost Chinese apps on Western technology stocks.
The UK's FTSE 100 index fell by 0.3% or 31 points to 8,470, while Germany's DAX lost 0.9%, France's CAC was flat and Spain's Ibex and Italy's FTSE MIB both 0.3%. It has decreased.
In Asia, Japan's Japan shed 0.9% on high-tech inventories, Hong Kong's Hang Seng increased by 0.6% and South Korea's Kospi increased by 0.85%. In mainland China, Shanghai composites slipped by 0.06%, while Shenzhen composites fell by 1.3%.
agenda
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9am GMT: German IFO business confidence in January
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3pm GMT: US new home sales in December
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3.35pm GMT: ECB President Christine Lagarde speaks
