TOKYO (AP) โ Global stocks were mixed on Tuesday after a rally on Wall Street led by Microsoft's earnings following its announcement that it would hire Sam Altman, former CEO of OpenAI, the maker of ChatGPT.
US futures fell, while oil prices fell.
France's CAC 40 lost 0.1% in early trading to 7,238.89, while Germany's DAX rose 0.2% to 15,936.25. Britain's FTSE 100 fell almost 0.2% to 7,483.15. US stocks were expected to fall with Dow futures falling almost 0.1% to 35,195.00. S&P 500 futures fell almost 0.1% to 4,559.00.
Chinese markets were initially boosted by a report from financial magazine Caixin that regulators had drawn up a list of property developers who will be able to access low-cost financing. The moves to facilitate more lending come as the real estate industry remains mired in a crisis sparked by a crackdown on excessive debt and worsened by a broad economic slowdown.
Hong Kong's Hang Seng erased earlier gains and fell 0.3% to 17,733.89, while the Shanghai Composite fell less than 0.1% to 3,067.93.
โHopes continue to grow that China's relentless and deepening housing crisis... will take a breather, if not a turnaround; in particular, as Beijing steps up its stimulus efforts to curb the downward spiral in the broader property ecosystem,โ Tan Boon Heng of Mizuho Bank said in a commentary.
Tokyo's benchmark Nikkei 225 index fell 0.1% to finish at 33,354.14. Australia's S&P/ASX 200 rose 0.3% to 7,078.20 and South Korea's Kospi gained 0.8% to 2,510.42.
Microsoft was the strongest force driving Wall Street overnight, rising 2.1% after saying it was hiring Sam Altman for a new company following his sudden firing as CEO of OpenAI. Microsoft said it will also continue its partnership with OpenAI, as the fervor around artificial intelligence technology and the huge profits it is expected to generate will captivate Wall Street.
Investors are convinced that inflation is cooling enough for the Federal Reserve to finally end its market-crushing interest rate hikes. Traders are also raising their expectations for when the Federal Reserve might actually start cutting interest rates.
The Thanksgiving holiday means the U.S. government will release its weekly update on jobless claims on Wednesday instead of the usual Thursday. Aside from that, the release of minutes from the Federal Reserve's latest monetary policy meeting on Tuesday and preliminary reports on U.S. business activity on Friday are among the highlights.
In energy trading, benchmark U.S. crude fell 31 cents to $77.52 a barrel in electronic trading on the New York Mercantile Exchange. It added $1.79 on Monday. Brent crude, the international standard, lost 36 cents to $81.96 a barrel.
In currency trading, the US dollar slowly fell to 147.45 Japanese yen from 148.37 yen. The euro was worth $1.0957, down from $1.0941.
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AP Business Writer Stan Choe contributed to this report.
