TOKYO (AP) — Global shares traded mixed Wednesday, as fading enthusiasm over AI and other technology stocks gradually put the brakes on Wall Street’s record-setting run.
France's CAC 40 was little changed, inching down less than 0.1% in early trading to 7,975.77, while the German DAX added 0.8% to 24,153.10. Britain's FTSE 100 gained 0.4% to 10,308.30. U.S. shares were set to trade mixed with Dow futures down 0.2% at 49,769.00. S&P 5600 futures rose
0.2% to 7,442.00.
In Asia, Japan's benchmark Nikkei 225 edged up 0.8% to finish at 63,272.11.
South Korea's Kospi index surged 2.6% to 7,844.01, recouping recent losses. The Kospi sank 2.3% earlier in the week from an all-time high after a senior figure in the administration suggested the government may redistribute windfall AI profits from companies to citizens. Analysts said some investors were snatching the shares that got sold as the actual impact of the remarks was still unclear.
Australia's S&P/ASX 200 lost 0.5% to 8,630.40. The Hang Seng gained 0.2% to 26,388.44, while the Shanghai Composite rose 0.7% to 4,242.57.
“Corporate earnings and AI momentum are acting as the market’s primary shock absorbers, but the road is getting significantly rougher,” said Tim Waterer, chief market analyst at KCM Trade.
“With oil prices becoming entrenched at elevated levels and a diplomatic breakthrough between the U.S. and Iran remaining elusive, the easy bullish narrative is becoming much harder to maintain.”
In energy trading, benchmark U.S. crude fell $1.30 to $100.88 a barrel. Brent crude lost $1.33 to $106.44 a barrel.
Those prices are still way above what they were before the war with Iran, which threatens to drag on, the ceasefire looking more tenuous. Brent has surged from roughly $70 per barrel before the war. The war has essentially shut the Strait of Hormuz to oil tankers.
In currency trading, the U.S. dollar rose to 157.83 Japanese yen from 157.59 yen. The euro cost $1.1704, down from $1.1744.
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AP Business Writer Stan Choe contributed to this report.
Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama
