Tokyo, Oct 30 (AP) Asians shares were trading mixed early Friday, as worries about the future of artificial intelligence grew after Alphabet’s stock drop dragged on US markets.
Japan’s benchmark Nikkei 225 dropped 2.6 per cent to 62,960.60. The Bank of Japan is closing a two-day monetary policy board meeting, but most analysts expect no action this time around after the central bank raised its benchmark rate to 1.25 per cent last month.
The US has also been pressuring Japan to raise rates because of concerns about the weakening yen. In currency trading, the U.S. dollar fell to 157.50 Japanese yen from 157.65 yen. The euro cost USD 1.1197, up from USD 1.1181.
Australia’s S&P/ASX 200 rose 0.5 per cent to 8,937.60. South Korea’s Kospi declined 5.4 per cent to 5,618.76, as shares in SK Hynix and Samsung Electronics both slipped in morning trading.
Shares related to the great market interest in AI have tended to be volatile, because some issues, including chip makers, get pushed up because of that interest, but then may decline because of worries about supplies, for instance.
Hong Kong’s Hang Seng added 1.2 per cent to 23,225.69, while the Shanghai Composite lost 0.9 per cent to 3,618.14.
On Wall Street, the S&P 500 fell 0.3 per cent for its first loss in four days, even though the wide majority of stocks rose within the index and across Wall Street. The Nasdaq composite tumbled 1.4 per cent, while the Dow Jones Industrial Average dropped 132 points, or 0.3 per cent.
Alphabet is one of the most influential stocks on Wall Street because it’s one of the largest, and the Class A shares of its stock fell 12.6 per cent for their worst day since they began trading more than 20 years ago.
All told, the S&P 500 fell 23.59 points to 7,720.39 Thursday. The Dow Jones Industrial Average dropped 132.54 to 52,342.56, and the Nasdaq composite tumbled 365.13 to 26,184.72.
In the bond market, the yield on the 10-year Treasury fell to 4.94 per cent from 5.05 per cent late Wednesday. It’s been generally pulling back since it topped 5.30 per cent earlier this month and touched its highest level since 2002.
In energy trading, benchmark US crude gained 2.80 per cent to USD 104.86 a barrel. Brent crude, the international standard, edged up 2.54 per cent to USD 117.80 a barrel.
(PTI News)
