By ELAINE LAI Associated Press
HONG KONG (AP) — World stocks were mixed Tuesday ahead of major corporate earnings reports and central-bank decisions.
In early European trading, Germany’s DAX slipped 0.1% to 25,373.71, while the CAC 40 in Paris dropped 0.3% to 7,824.83. Britain’s FTSE 100 fell 1% to 10,664.58.
The future for the S&P 500 lost 0.1%, while that for the Dow Jones Industrial Average was little changed.
Asian shares mostly gained as benchmarks in Tokyo and Seoul were lifted by buying of AI-related stocks.
South Korea’s Kospi briefly gained more than 4% and closed 3.1% higher, at 5,638.34. Computer chipmaker SK Hynix rallied 5.2% and Samsung Electronics gained 4.2%.
SK Hynix is set to release its third-quarter earnings Wednesday, a day before rival Samsung Electronics reports its results. Samsung has estimated its operating profit for the last quarter will be up nearly eight-fold from a year earlier.
Strong global demand for semiconductors is driving strong growth, and the South Korean economy expanded at a better-than-expected 3.4% annual rate in July-September, according to data released Tuesday.
Tokyo’s Nikkei 225 added 1.7% to 63,268.37. Testing equipment maker Advantest jumped 9.6% and OpenAI investor SoftBank Group climbed 5%.
Hong Kong’s Hang Seng gave up early gains, slipping 0.7% to 23,041.32, while the Shanghai Composite dropped 1.3% to 3,648.30.
Traders were watching for any major announcements from a closed-door meeting in Beijing of top leaders of China’s ruling Communist Party.
Taiwan’s Taiex rose 0.1%. India’s Sensex slipped 0.5%.
In Australia, the S&P/ASX 200 advanced 0.5% to 8,852.10.
On Monday, the S&P 500 rose 0.7% and more than recovered its losses from last week, pulling within 1.8% of its all-time high set earlier this month. The Dow added 0.3%, and the Nasdaq composite climbed 0.8%.
The strongest lift for the market came from Nvidia, which rose 2.4%. That helped the chip company recover some of its drop from three straight losing weeks, its longest such streak since June.
But stocks elsewhere in the artificial-intelligence industry remained unsettled. They’ve been swerving on worries about whether their industry’s boom is under threat because of how expensive it’s become for companies to borrow money to build data centers and buy more AI chips.
Anthropic, one of the key players of the AI boom, gave details Monday about how much money it’s losing as it prepares to sell its stock on the publicly traded U.S. market for the first time.
SpaceX, Elon Musk’s rocket company that also runs the xAI business, had similar swings after it announced a roughly $40 billion deal with an entity managed by Apollo Global Management to lease AI computing power.
Profit reports from huge tech companies this week could offer more details about how spending on AI is going, and whether it’s producing the profits and productivity that proponents promised.
Alphabet and Microsoft will report their latest quarterly results on Wednesday, with Amazon to follow on Thursday.
The Fed last month hiked the fed funds rate for the first time in three years in hopes of slowing inflation, which has remained much higher than anyone would like.
In other dealings Tuesday, Brent crude oil, the international standard, rose 0.7% to $111.54 a barrel. U.S. benchmark crude gained 0.7%, to $102.47 per barrel.
The dollar rose to 157.75 Japanese yen from 157.50 yen. The euro slipped to $1.1154 from $1.1176.