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Global Shares Skid on AI Worries 11/06 04:52
Global shares tumbled Friday following a broad selloff on Wall Street of
shares related to artificial intelligence.
TOKYO (AP) -- Global shares tumbled Friday following a broad selloff on Wall
Street of shares related to artificial intelligence.
France's CAC 40 shed 1.1% in early trading to 8,117.65, while the German DAX
lost 1.5% to 25,919.48. Britain's FTSE 100 fell 1.4% to 10,635.51. U.S. shares
were set to trade mixed with Dow futures down 0.8% at 51,192.00. S&P 500
futures rose nearly 0.3% to 7,402.50.
Tokyo's benchmark Nikkei 225 slipped 6.0% to finish at 57,434.77, falling
below 60,000 points for the first time in nearly half a year. Japanese
technology shares were among the biggest losers, including SoftBank Group Corp.
and Advantest Corp.
Australia's S&P/ASX 200 lost 0.5% to 9,020.80. South Korea's Kospi dropped
6.0% to 5,059.69, as shares in Samsung Electronics and SK Hynix plunged. Hong
Kong's Hang Seng fell 1.3% to 24,481.86, while the Shanghai Composite dipped
1.1% to 3,649.18.
Stock markets around the world have been feeling pressure from continued
declines for companies that have benefited from the boom in the
artificial-intelligence technology industry. Critics also say AI stock prices
shot too high and were in a bubble. What might come next remains uncertain,
they say.
"Of course, the selloff in companies that have so long whetted investors'
appetite could create buying opportunities at a discount," said Ipek
Ozkardeskaya, senior analyst at Swissquote.
In Tokyo trading, Toyota Motor Corp.'s stock fell sharply after the Japanese
automaker reported lackluster profits the day before.
Thursday was Wall Street's worst day since U.S. President Donald Trump shook
markets worldwide in April 2025 with his "Liberation Day" tariffs. The wipeout
more than erased the U.S. stock market's gain from the day before, which was
its best in three months. AI chip stocks are some of Wall Street's most
influential.
In energy trading Friday, benchmark U.S. crude reversed course and dipped
0.99% to $89.62 a barrel. Brent crude, the international standard, fell 0.93%
to $97.38 a barrel. Uncertainty still reigns about what will happen in the war
with Iran and when the global energy industry can return to normal.
In currency trading, the U.S. dollar rose to 158.14 Japanese yen from 157.68
yen. The euro cost $1.1182, down from $1.1219.
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