US Futures Flat, Global Shares Mixed Following Wall Street Retreat

Economic

Summary:

European shares opened with mixed performance on Wednesday, while most Asian benchmarks managed gains despite a significant sell-off in U.S. technology stocks that pulled Wall Street lower.

European shares were mixed Wednesday, while most benchmarks in Asia advanced despite a retreat on Wall Street on selling of technology stocks.

The future for the S&P 500 fell 0.1%, while that for the Dow Jones Industrial Average rose 0.1%.

In Europe, France’s CAC 40 gained 0.5% in early trading to 8,219.78, while Germany’s DAX slipped 0.5% to 24,668.93. Britain’s FTSE 100 gained 0.6% to 10,373.29.

In Asian trading, Tokyo’s Nikkei 225 dropped 0.8% to 54,293.36, falling back from a record high set Tuesday. Shares of chipmaker Tokyo Electron fell 2.1%, while testing equipment maker Advantest also lost 2.1%. SoftBank Group shed 2.2%.

Shares of Nintendo plunged 11%, even as the Japanese video-game maker posted strong profits on Tuesday, as investors and analysts expressed concern about whether sales momentum can be maintained for the Switch 2 game console that was rolled out last year.

South Korea’s Kospi gained 1.6% to 5,371.10. Samsung Electronics rose nearly 1%, while chipmaker SK Hynix dropped 0.8%.

The index has been setting records nearly daily.

Hong Kong’s Hang Seng edged less than 0.1% higher to 26,847.32. The Shanghai Composite index gained 0.9% to 4,102.20.

In Australia, the S&P/ASX 200 closed 0.8% higher at 8,927.80.

Taiwan’s Taiex gained 0.3%, while India’s Sensex edged up more than 0.2%.

Gold and silver prices extended gains as investors continued to shift funds into safe haven assets given uncertainties over geopolitical crises and U.S. trade policies.

Gold rose 3.1%, while the price of silver jumped 6.9%. They have bounced back after tumbling in recent days.

“After plunging from record highs amid elevated volatility, precious metals attracted renewed buying interest,” ING Bank analysts Warren Patterson and Ewa Manthey wrote in a note.

“Safe haven demand is among factors that will remain supportive of gold prices over the medium term,” they said.

On Tuesday, the S&P 500 dropped 0.8% and the Dow fell 0.3%. The Nasdaq composite shed 1.4%.

Nvidia, one of the world’s most valuable companies, fell 2.8%. Shares of Microsoft fell 2.9%. Investors have been rotating in and out of technology-related stocks on concerns over whether their shares were being overvalued and if their heavy spending on artificial intelligence investments will pay off.

In other dealings early Wednesday, U.S. benchmark crude oil lost 1 cent to $63.20 per barrel. Brent crude, the international standard, gave up 7 cents to $67.26 per barrel.

The U.S. dollar rose to 156.58 Japanese yen from 155.77 yen. The euro was unchanged at $1.1818.

Source: AP

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US Futures Flat, Global Shares Mixed Following Wall Street Retreat

Source: AP

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