Thanks for joining us. The EU has issued a warning to Elon Musk to stop disinformation on his social media platform X, formerly known as Twitter, as the Israel-Hamas conflict deepens.
European Commissioner Thierry Breton posted an open letter about the alleged “illegal content” but Mr Musk said the social network’s policy was that “everything is open source and transparent”.
5 things to start your day
1) Homeowners near net zero pylons could get free heat pumps, National Grid suggests | Move is aimed at reducing the public backlash against development of new transmission lines
2) Sam Bankman-Fried told me to commit fraud, crypto founder’s former lover testifies | Caroline Ellison is one of the three former top FTX executives who are cooperating with prosecutors
3) Selfridges loses £40m despite sales boost as finance costs weigh | The upmarket department store was forced to spend more on distribution and interest payments last year
4) How Zuckerberg and Musk plunged digital tabloids into crisis | News is no longer a priority for the social media giants – and this is hurting ad-funded publishers
5) Heavy EV batteries force overhaul of driver’s licence rules on vehicle weight | Government to scrap additional training to aid switch to large zero-emissions vehicles
What happened overnight
Shares advanced in Asia, tracking Wall Street gains following an easing of pressure from the bond market.
In China, investor sentiment got a boost from a report by Bloomberg that the government is considering boosting spending on construction to support the economy.
China’s lacklustre recovery from the blows to its economy during the pandemic have weighed heavily on regional and global growth.
The Hang Seng in Hong Kong added 1.4pc to 17,919.55 and the Shanghai Composite index was up 0.2pc at 3,081.22.
Tokyo’s Nikkei 225 index climbed 0.9pc to 32,019.42.
In South Korea, the Kospi jumped 2.5pc, to 2,462.10 after Samsung Electronics reported improved quarterly earnings.
Samsung’s shares surged 4.4pc, while SK Hynix’s were up 3.3pc. Analysts say the worst of the post-pandemic contraction in demand for computer chips and electronic devices may be over.
Australia’s S&P/ASX 200 advanced 0.6pc to 7,085.70. In India, the Sensex added 0.7pc and in Bangkok the SET was up 0.8pc.
