Global shares mixed after Wall St rally pause

Manila: European shares were mixed in early trading while Asian shares mostly fell on Friday after a respite from Wall Street’s recent feverish rally. The price of gold also pulled back from record highs following recent torrid runs.

The futures for the S&P 500 and the Dow Jones Industrial Average were both up less than 0.1 per cent. Oil prices slipped. In early European trading, Germany’s DAX rose 0.2 per cent to 24,652.73, while France’s CAC 40 added 0.4 per cent to 8,076.96. Britain’s FTSE 100 slipped 0.1 per cent to 9,498.95, weighed down by losses for mining and energy stocks.

Most Asian indexes fell. But South Korea’s Kospi climbed 1.7 per cent to 3,610.60 as trading reopened after a holiday. India’s BSE Sensex also gained, adding 0.5 per cent. The Kospi’s surge was fueled by a rally of tech shares, including SK Hynix, which rose 8.2 per cent.

Samsung Electronics added 6.1 per cent, boosted by news that Nvidia-backed Reflection AI had raised $2 billion in funding, increasing its market value to $8 billion. Japan’s Nikkei 225 closed 1 per cent lower to 48,088.80, pulling back from big gains the previous day after data showed producer prices rose more than expected in September.

Political uncertainty also loomed after the ruling Liberal Democrats failed to persuade their junior coalition partner, the Buddhist-backed Komeito, to stay.