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Asian markets sank Friday, tracking a selloff on Wall Street as worries over next month’s Federal Reserve interest rate decision and persistent speculation about a tech bubble dampened sentiment.With the US shutdown saga now out the way, focus returned to the central bank’s policy meeting next month, when officials will decide whether or not to lower borrowing costs again.For much of the year, equities have been boosted by optimism that rates would come down, despite persistent inflation, and the Fed has delivered at its past two gatherings.But comments from bank boss Jerome Powell last month that a December repeat was not “a foregone conclusion” sowed the seeds of doubt, while several other decision-makers have made similar noises.The latest came this week, with three regional presidents voicing concerns about moving while inflation remained stubbornly high.St. Louis head Alberto Musalem urged “caution”, adding that “there’s limited room for further easing without monetary policy becoming overly accommodative”.His Minneapolis counterpart Neel Kashkari, who called for a pause in October, pointed to “underlying resilience in economic activity, more than I had expected”.And Cleveland’s Beth Hammack told the Pittsburgh Economic Club: “On balance, I think we need to remain somewhat restrictive to continue putting pressure to bring inflation down toward our target.”She called current rates “barely restrictive, if at all” and that “we need to keep rates around these levels”. The comments come as investors await the release of economic data that had been held up by the record shutdown, with jobs and inflation the main focus, even though some are expected to be incomplete.”As we await this schedule, we’ve seen some recalibration of expectations around whether the Fed cuts by 25 basis points on 10 December,” wrote Pepperstone’s Chris Weston. He added that markets saw a 52 percent chance of a cut, down from 60 percent the day before.The dimmer outlook for rates compounded worries that the tech sector may be overpriced after an AI-fuelled surge this year that has sent markets to records.There is growing talk that the mind-boggling amounts of cash invested in artificial intelligence may take some time to be realised as profit.Chip titan “Nvidia’s earnings (are) the key bottom-up focal point next week — potentially prompting traders to de-risk, lock in performance and sit tight until the tape turns and risk appetite returns into year-end”, said Weston.All three main indexes on Wall Street ended well in the red, with the tech-rich Nasdaq down more than two percent, while the Dow and S&P 500 were each off 1.7 percent.And Asia followed the lead, having enjoyed a broadly positive week.Tokyo, Hong Kong, Sydney and Taipei all shed at least one percent and Seoul — which has hit multiple records of late — shed more than two percent.There were also losses in Shanghai, Singapore and Wellington.Oil rallied after the International Energy Agency flagged risks to Russian output caused by hefty sanctions imposed by Washington last month, including the country’s top two producers.The IEA said the decision could have “the most far-reaching impact yet on global oil markets”.Friday’s surge of more than two percent came days after the commodity tumbled following OPEC’s monthly crude market report, which forecast an oversupply in the third quarter.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.7 percent at 50,434.54 (break)Hong Kong – Hang Seng Index: DOWN 1.0 percent at 26,804.22Shanghai – Composite: DOWN 0.2 percent at 4,022.82Dollar/yen: UP at 154.55 yen from 154.53 yen on ThursdayEuro/dollar: DOWN at $1.1632 from $1.1634 Pound/dollar: DOWN at $1.3142 from $1.3189Euro/pound: UP at 88.50 pence from 88.21 penceWest Texas Intermediate: UP 2.7 percent at $60.27 per barrelBrent North Sea Crude: UP 2.4 percent at $64.49 per barrel

Global stocks slid back sharply on Thursday, dashing hopes that US President Donald Trump’s signing of a spending bill to end a record government shutdown might enliven trading floors.Investors had sought a boost after lawmakers in Washington voted to end the 43-day stoppage that closed key services and suspended the release of data crucial to gauging the state of the world’s top economy.But the main exchanges in Europe and on Wall Street were down across the board, following modest gains in Asia.”While it’s unclear whether the shutdown was ever a real drag on equities — given that stocks largely rallied through it — the question now is whether the market’s recent exuberance has run its course,” said Fawad Razaqzada, market analyst at StoneX.London was pegged back after data showed the UK economy slowed in the third quarter, dealing another blow to the Labour government ahead of its annual budget this month.- ‘Overstretched’ tech -Investors are bracing for long-awaited economic reports as well that have been held up by the closure of vital services in the United States.This comes particularly as the Federal Reserve assesses whether to cut interest rates further next month.However, US National Economic Council director Kevin Hassett said figures on jobs for October would likely be incomplete as statistics agencies had been unable to collect the necessary data.Concerns also mounted that this year’s AI-led market rally may have pushed valuations too high and led to a bubble in the tech sector that could burst at any time.”Big Tech valuations and big spending will remain front of mind for investors until Microsoft, for example, can say that AI-boosted software sales have exploded — and that’s not yet the case,” said Ipek Ozkardeskaya, senior analyst at Swissquote bank.Razaqzada said technology shares look “increasingly overvalued and overstretched” but he added it was “far too early to call a top in this cycle” as investors were still enthusiastic about artificial intelligence.Oil prices advanced after plunging around four percent on Wednesday following OPEC’s monthly crude market report, which forecast an oversupply in the third quarter.Easing tensions in the Middle East and increased output by OPEC and other key producers have put the commodity’s price under pressure.- Key figures at around 2135 GMT -New York – Dow: DOWN 1.7 percent at 47,457.22 points (close)New York – S&P 500: DOWN 1.7 percent at 6,737.49 (close)New York – Nasdaq Composite: DOWN 2.3 percent at 22,870.36 (close)London – FTSE 100: DOWN 1.0 percent at 9,807.68 (close)Paris – CAC 40: DOWN 0.1 percent at 8,232.49 (close)Frankfurt – DAX: DOWN 1.4 percent at 24,042.91 (close)Tokyo – Nikkei 225: UP 0.4 percent at 51,281.83 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 27,073.03 (close)Shanghai – Composite: UP 0.7 percent at 4,029.50 (close)Dollar/yen: DOWN at 154.53 yen from 154.80 yen on WednesdayEuro/dollar: UP at $1.1634 from $1.1587 Pound/dollar: UP at $1.3189 from $1.3129Euro/pound: DOWN at 88.21 pence from 88.25 penceBrent North Sea Crude: UP 0.5 percent at $63.01 per barrelWest Texas Intermediate: UP 0.3 percent at $58.69 per barrel

Global stocks slid back sharply on Thursday, dashing hopes that President Donald Trump’s signing of a spending bill to end a record US government shutdown might enliven trading floors.Investors had sought a fillip after lawmakers in Washington voted to end the 43-day stoppage that closed key services and suspended the release of data crucial to gauging the state of the world’s top economy.But the main exchanges in Europe and on Wall Street were down across the board, following modest gains in Asia earlier. “While it’s unclear whether the shutdown was ever a real drag on equities -– given that stocks largely rallied through it -– the question now is whether the market’s recent exuberance has run its course,” said Fawad Razaqzada, market analyst at StoneX.London was pegged back after data showed the UK economy slowed in the third quarter, dealing another blow to the Labour government ahead of its annual budget this month.- ‘Overstretched’ tech -Investors are bracing for long-awaited reports that have been held up by the closure of vital services in the US — particularly as the Federal Reserve assesses whether to cut rates next month, as is widely expected.However, the White House said figures on jobs and consumer prices for October were not likely to be released as statistics agencies had been unable to collect the necessary data.Concerns also mounted that this year’s AI-led market rally may have pushed valuations too high and led to a bubble in the tech sector that could burst at any time.”Big Tech valuations and big spending will remain front of mind for investors until Microsoft, for example, can say that AI-boosted software sales have exploded — and that’s not yet the case,” said Ipek Ozkardeskaya, Senior Analyst at Swissquote bank.Razaqzada said technology shares look “increasingly overvalued and overstretched” but he added it was “far too early to call a top in this cycle” as investors were still enthusiastic about AI.Oil prices advanced after plunging around four percent on Wednesday following OPEC’s monthly crude market report, which forecast an oversupply in the third quarter.Easing tensions in the Middle East and increased output by OPEC and other key producers have put the commodity’s price under pressure.- Key figures at around 1645 GMT -New York – Dow: DOWN 0.8 percent at 47,793.10 pointsNew York – S&P 500: DOWN 1.2 percent at 6,764.82New York – Nasdaq Composite: DOWN 1.9 percent at 22,957.73London – FTSE 100: DOWN 1.0 percent at 9,807.68 (close)Paris – CAC 40: DOWN 0.1 percent at 8,232.49 (close)Frankfurt – DAX: DOWN 1.4 percent at 24,042.91 (close)Tokyo – Nikkei 225: UP 0.4 percent at 51,281.83 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 27,073.03 (close)Shanghai – Composite: UP 0.7 percent at 4,029.50 (close)Dollar/yen: DOWN at 154.28 yen from 154.80 yen on WednesdayEuro/dollar: UP at $1.1647 from $1.1587 Pound/dollar: UP at $1.3203 from $1.3129Euro/pound: DOWN at 88.21 pence from 88.25 penceBrent North Sea Crude: UP 0.8 percent at $63.22 per barrelWest Texas Intermediate: UP 0.8 percent at $58.95 per barrel

Mexico’s car assembly industry, one of the biggest in the world, fears US President Donald Trump’s tariff war will impede access to an increasingly indispensable component: digital dashboard touchscreens for which parts are sourced mainly in China.As Washington has engaged Beijing in a commercial tug-of-war, Mexico has come under pressure to act in step with its wealthier northern neighbor, and its Congress is considering hiking tariffs on Chinese imports.President Claudia Sheinbaum insists the measure is meant to boost domestic manufacturing.One problem: Mexico does not produce most of the electronic parts used in car assembly — particularly for the dashboard screens that provide drivers with real-time navigation and music at their fingertips. China does.And even if alternative sources could be found, it would take time while prices go up in the short term, undermining a mainstay of the country’s export economy, industry players told AFP.One company that has expressed concern is Germany headquartered Aumovio, which assembles dashboard displays in Guadalajara in Mexico’s west for car companies including Ford, and General Motors and Stellantis.”We have had talks with the Secretary of Economy as a group, not just Aumovio but the entire automotive industry, and we…explained to them the dependence we have” on Chinese parts, Aumovio purchasing director Carlos Gomez told AFP.He said building an alternative supply chain would require a significant investment in machinery and skills training and would take years.- ‘An opportunity’ -Amapola Grijalva of the Mexico-China Chamber of Commerce told AFP the government risked harming the car industry, which has thrived under the USMCA free-trade deal between Mexico, the United States and Canada.”There are components such as electric batteries and electronic components that we believe are very difficult to obtain from other places,” she said.”Nowadays, especially…electronics, photovoltaic generation, and batteries for all kinds of applications, including motorcycles and motor vehicles, come from China because they are truly very efficient.”The Trump administration has said Chinese producers are abusing the USMCA to send goods northward over the Mexican border tariff-free.Many interpreted Sheinbaum’s proposal of a tariff hike on China and other countries with which Mexico has no free-trade agreements as a capitulation to her powerful northern counterpart.According to Luis de la Calle, a Mexican economist who was involved in negotiating the NAFTA trade deal that preceded the USMCA, Sheinbaum’s tariff increases were at least partly driven by a desire to protect the domestic industry. Mexico’s trade deficit with China rose to a record of nearly $120 billion last year.”Not all the increases made were for reasons related to the United States,” de la Calle told AFP.One company that could benefit, for example, is Kold Roll, a manufacturer of steel bars used in cars and other products.”We see it as an opportunity,” said general manager Eric Gonzalez.Mexico replaced China in 2023 as the largest trading partner of the United States, which bought more than 80 percent of its exports.Mexico sends nearly 3 million automobiles to the United States every year, including cars and trucks assembled on its soil by US companies.

Stock markets were sluggish on Thursday after President Donald Trump signed a spending bill to end a record-long US government shutdown.In early trading on Wall Street, the tech heavy Nasdaq lost more than one percent with chip giant Nvidia notably shedding 2.8 percent while the Dow and the S&P 500 were also in the red by around half of one percent.London and Frankfurt also lost close on one percent as Europe crawled towards the European close with Paris a rare beam of light, adding 0.4 percent two hours from the closing bell.”While it’s unclear whether the (US) shutdown was ever a real drag on equities -– given that stocks largely rallied through it -– the question now is whether the market’s recent exuberance has run its course,” said Fawad Razaqzada, market analyst at StoneX.Wall Street stocks had closed mostly higher Wednesday, the Dow climbing to a fresh record amid speculation that traders are shifting from tech into industrials.London fell after data showed the UK economy slowed in the third quarter, dealing another blow to the Labour government ahead of its annual budget this month.Shares in luxury fashion label Burberry jumped around five percent on London’s top-tier FTSE 100 index before slipping back after the British group narrowed first half losses thanks to sizeable cost-cutting.In Asia, Tokyo, Hong Kong, Shanghai, Seoul, Singapore, Mumbai, Manila, Bangkok and Jakarta all rose. Sydney, Wellington and Taipei fell.- AI sector concerns -Lawmakers in Washington voted on Wednesday to end the 43-day stoppage that closed key services and suspended the release of data crucial to gauging the state of the world’s top economy.Investors are bracing for long-awaited reports that have been held up by the closure, particularly as the Federal Reserve assesses whether to cut rates next months, as is expected.However, the White House said figures on jobs and consumer prices for October were not likely to be released as statistics agencies were unable to collect the necessary data.Concerns also mount that this year’s AI-led market rally may have pushed valuations too high and led to a bubble in the tech sector that could burst at any time.Attention was earlier on Tokyo after Japanese Finance Minister Satsuki Katayama said the government was keeping an eye on currency markets as the yen weakened afresh.The yen came under pressure following dovish comments from Japan’s central bank that tempered bets on another interest rate hike and as the United States moved towards reopening its government.Oil prices advanced after plunging around four percent on Wednesday as OPEC’s monthly crude market report forecast an oversupply in the third quarter.That came just a month after it had predicted a deficit in the period.The commodity has come under pressure from easing tensions in the Middle East and increased output by OPEC and other key producers. The International Energy Agency has estimated a record surplus in 2026.- Key figures at around 1445 GMT -New York – Dow: DOWN 0.3 percent at 48,119.57 pointsNew York – S&P 500: DOWN 0.7 percent at 6,805.78New York – Nasdaq Composite: DOWN 1.1 percent at 23,145.50London – FTSE 100: DOWN 0.8 percent at 9,835.51Paris – CAC 40: UP 0.4 percent at 8,274.47Frankfurt – DAX: DOWN 0.7 percent at 24,215.79Tokyo – Nikkei 225: UP 0.4 percent at 51,281.83 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 27,073.03 (close)Shanghai – Composite: UP 0.7 percent at 4,029.50 (close)New York – Dow: UP 0.7 percent at 48,254.82 (close)Dollar/yen: DOWN at 154.66 yen from 154.80 yen on WednesdayEuro/dollar: UP at $1.1620 from $1.1587 Pound/dollar: UP at $1.3170 from $1.3129Euro/pound: DOWN at 88.23 pence from 88.25 penceBrent North Sea Crude: UP 1.0 percent at $63.34 per barrelWest Texas Intermediate: UP 1.0 percent at $59.08 per barrel

Stock markets wavered on Thursday after President Donald Trump signed a spending bill to end a record-long US government shutdown.Paris rose and Frankfurt fell in European midday deals.London dropped after data showed the UK economy slowed in the third quarter, dealing another blow to the Labour government ahead of its annual budget this month.Shares in luxury fashion label Burberry jumped around five percent on London’s top-tier FTSE 100 index after the British group narrowed first half losses thanks to sizeable cost-cutting.In Asia, Tokyo, Hong Kong, Shanghai, Seoul, Singapore, Mumbai, Manila, Bangkok and Jakarta all rose. Sydney, Wellington and Taipei fell.”The ending of the US government shutdown has sparked risk-on sentiment with US futures pointing to a higher open,” said Victoria Scholar, head of investment at Interactive Investor.Lawmakers in Washington voted on Wednesday to end the 43-day stoppage that closed key services and suspended the release of data crucial to gauging the state of the world’s top economy.Investors are bracing for long-awaited reports that have been held up by the closure, particularly as the Federal Reserve assesses whether to cut rates next months, as is expected.However, the White House said figures on jobs and consumer prices for October were not likely to be released as statistics agencies were unable to collect the necessary data.Concerns also mount that this year’s AI-led market rally may have pushed valuations too high and led to a bubble in the tech sector that could burst at any time.Wall Street stocks closed mostly higher Wednesday, with the Dow climbing to a fresh record amid speculation that traders are shifting from tech into industrials.Attention was also on Tokyo after Japanese Finance Minister Satsuki Katayama said on Wednesday the government was keeping an eye on currency markets as the yen weakened.The yen came under pressure following dovish comments from Japan’s central bank that tempered bets on another interest rate hike and as the United States moved towards reopening its government.Oil prices advanced after plunging around four percent on Wednesday as OPEC’s monthly crude market report forecast an oversupply in the third quarter.That came just a month after it had predicted a deficit in the period.The commodity has come under pressure amid easing tensions in the Middle East and increasing output by OPEC and other key producers. The International Energy Agency has estimated a record surplus in 2026.- Key figures at around 1100 GMT -London – FTSE 100: DOWN 0.5 percent at 9,866.25 pointsParis – CAC 40: UP 0.6 percent at 8,292.80Frankfurt – DAX: DOWN 0.5 percent at 24,264.33Tokyo – Nikkei 225: UP 0.4 percent at 51,281.83 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 27,073.03 (close)Shanghai – Composite: UP 0.7 percent at 4,029.50 (close)New York – Dow:  UP 0.7 percent at 48,254.82 (close)Dollar/yen: DOWN at 154.67 yen from 154.80 yen on WednesdayEuro/dollar: UP at $1.1618 from $1.1587 Pound/dollar: UP at $1.3154 from $1.3129Euro/pound: UP at 88.32 pence from 88.25 penceBrent North Sea Crude: UP 0.5 percent at $63.02 per barrelWest Texas Intermediate: UP 0.5 percent at $58.77 per barrel

Asian markets rose on Thursday after Donald Trump signed a spending bill to end a record US government shutdown, while focus was also turning to Federal Reserve interest rates and tech bubble worries.Lawmakers in Washington voted on Wednesday night to send Trump legislation to end the stoppage that closed key services and suspended the release of data crucial to gauging the state of the world’s top economy.The US president put pen to paper later that day, allowing for the reopening of key services that were shut for 43 days as Democrats and Republicans refused to back down.Investors will now be able to get a long-awaited glimpse of the reports that have been held up by the closure, particularly the Fed as it decides whether or not to cut rates next month, as is widely expected.Even then, the White House said figures on jobs and consumer prices for October were not likely to be released as statistics agencies were unable to collect the necessary data.Still, Stephen Innes at SPI Asset Management wrote: “Reopening also doesn’t mean an instant snap-back to normal for the real economy. When you starve a system of staffing and pay for six weeks, the backlog doesn’t vanish just because a bill passed at 8 pm.”The shutdown ends with a vote and a signature; the aftershocks show up in queues, call centres and cash-flow stress far away from the Capitol dome.”Concerns also continue to mount that this year’s AI-led market rally may have pushed valuations too high and led to a bubble in the tech sector that could burst at any time.Some have warned that the hundreds of billions invested in artificial intelligence has been overdone and the return could take time to come through.Observers suggested that the recent tepid performance in several high-flying firms may be a sign of that, with the Nasdaq dropping for two days.The S&P 500 has also struggled of late, although the Dow ended at a record on Wednesday amid speculation that traders are shifting from tech into industrials.However, Asia continued its healthy run-up this week after a tepid start.Tokyo, Hong Kong, Shanghai, Seoul, Singapore, Mumbai, Manila, Bangkok and Jakarta all rose. But Sydney, Wellington and Taipei fell.London dropped as data showed the UK economy grew less than expected in the third quarter, putting fresh pressure on the government ahead of a closely watched budget this month. Sterling weakened against the dollar following the news. Paris rose and Frankfurt was flat.Oil prices extended losses after plunging around four percent on Wednesday after OPEC’s monthly crude market report forecast an oversupply in the third quarter.That came just a month after it had predicted a deficit in the period. The commodity has come under pressure of late amid easing tensions in the Middle East and increasing output by OPEC and other key producers. The International Energy Agency has estimated a record surplus in 2026.Attention is also on Tokyo after Japanese Finance Minister Satsuki Katayama said on Wednesday the government was keeping an eye on currency markets as the yen continued to weaken.She told parliament “the government is watching for any excessive and disorderly moves with a high sense of urgency”.The unit has weakened further to around 155 per dollar since her remarks, prompting speculation that authorities could step in to provide support.It has come under pressure following dovish comments from Japan’s central bank that tempered bets on another interest rate hike and as the United States moved towards reopening its government.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.4 percent at 51,281.83 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 27,073.03 (close)Shanghai – Composite: UP 0.7 percent at 4,029.50 (close)London – FTSE 100: DOWN 0.1 percent at 9,897.47 Dollar/yen: UP at 154.85 yen from 154.80 yen on WednesdayEuro/dollar: UP at $1.1610 from $1.1587 Pound/dollar: UP at $1.3142 from $1.3129Euro/pound: UP at 88.35 pence from 88.25 penceWest Texas Intermediate: DOWN 0.1 percent at $58.44 per barrelBrent North Sea Crude: DOWN 0.1 percent at $62.68 per barrelNew York – Dow:  UP 0.7 percent at 48,254.82 (close)

Asian markets trod water Thursday as euphoria over the end of a record US government shutdown petered, with focus back on Federal Reserve interest rates and tech bubble worries.Lawmakers in Washington voted Wednesday night to send Donald Trump legislation to end the 43-day stoppage that shuttered key services and suspended the release of data crucial to gauging the state of the world’s top economy.However, even with the US president expected to sign the bill, the mood on trading floors was less upbeat than earlier in the week, when a deal was announced.Investors will now be able to get a long-awaited glimpse of the reports that have been held up by the closure, particularly the Fed as it decides whether or not to meet expectations and cut rates next month.Even then, the White House said figures on jobs and consumer prices for October were not likely to be released as statistics agencies were unable to collect the necessary data.”Reopening also doesn’t mean an instant snap-back to normal for the real economy. When you starve a system of staffing and pay for six weeks, the backlog doesn’t vanish just because a bill passed at 8 pm,” wrote Stephen Innes at SPI Asset Management.”The shutdown ends with a vote and a signature; the aftershocks show up in queues, call centres and cash-flow stress far away from the Capitol dome.”Meanwhile, concerns continue to mount that this year’s AI-led market rally may have pushed valuations too high and led to a bubble in the tech sector that could burst at any time.Some have warned that the hundreds of billions invested in artificial intelligence has been overdone and the return could take time to come through.Observers suggested that the recent tepid performance in several high-flying firms may be a sign of that, with the Nasdaq dropping for two days.The S&P 500 has also struggled of late, though the Dow on Wednesday ended at a record amid speculation that traders are shifting from tech into industrials.The mixed showing on Wall Street was reflected in Asia, where Hong Kong, Sydney, Seoul, Singapore, Taipei, Manila and Wellington fell.Tokyo edged up while Jakarta and Shanghai were flat.Oil prices extended losses after plunging around four percent Wednesday after OPEC’s monthly crude market report forecast an oversupply in the third quarter.That came just a month after it had predicted a deficit in the period. The commodity has come under pressure of late amid easing tensions in the Middle East and increasing output by OPEC and other key producers.And the International Energy Agency earlier this year estimated a record surplus in 2026.Attention is also on Tokyo after Japanese Finance Minister Satsuki Katayama said Wednesday the government was keeping an eye on currency markets as the yen continued to weaken.She told parliament that “the government is watching for any excessive and disorderly moves with a high sense of urgency”. Since her remarks, the unit has weakened further to around 155 per dollar, prompting speculation that authorities could step in to provide support. The currency has come under pressure following dovish comments from Japan’s central bank that tempered best on another interest rate hike and as the US moved towards reopening its government.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 51,166.78 (break)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 26,894.91Shanghai – Composite: FLAT at 4,000.55Dollar/yen: UP at 154.90 yen from 154.80 yen on WednesdayEuro/dollar: DOWN at $1.1585 from $1.1587 Pound/dollar: DOWN at $1.3118 from $1.3129Euro/pound: UP at 88.32 pence from 88.25 penceWest Texas Intermediate: DOWN 0.3 percent at $58.29 per barrelBrent North Sea Crude: DOWN 0.3 percent at $62.55 per barrelNew York – Dow:  UP 0.7 percent at 48,254.82 (close)London – FTSE 100: UP 0.1 percent at 9,911.42 (close)

Wall Street stocks finished mostly higher Wednesday with the Dow climbing to a fresh record on hopes a US government shutdown would soon end, while oil prices fell sharply on oversupply worries.The Dow rose 0.7 percent to finish at 48,254.82, its first close above 48,000 as some market watchers pointed to a rotation to industrial names amid worries that artificial intelligence stocks are overvalued.The Nasdaq finished down for the second straight day.Traders broadly welcomed an expected congressional vote to reopen the government, after the longest shutdown in US history effectively stemmed the flow of official economic data and closed down vital services.The House of Representatives appeared likely to vote Wednesday on a spending bill to solve the budget standoff after eight Democrats broke ranks in the Senate to pass a short-term funding bill.Around 670,000 furloughed civil servants and a similar number who were kept at their posts with no compensation — including more than 60,000 air traffic controllers and airport security staff — will get back pay.Meanwhile, in Europe, Paris hit a new record and Frankfurt also rose after a mixed day on Asian markets.”The end of the shutdown is positive for financial markets as we should get a clear read on economic data in the next week or so,” said Kathleen Brooks, research director at trading group XTB.However, she said the prospect of a resumption of government services was fueling demand for “risk assets.”Oil prices tumbled after the monthly oil market report of the Organization of the Petroleum Exporting Countries projected a jump in supply in the third quarter. In its November report, the group sees oversupply in this period after forecasting a deficit in its October report. Among individual companies, Advanced Micro Devices surged 9.0 percent after projecting greater than 35 percent revenue in annual compound growth rate amid the surge in AI investment.- Key figures at around 2110 GMT -New York – Dow:  UP 0.7 percent at 48,254.82 (close)New York – S&P 500: UP 0.1 percent at 6,850.92 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 23,406.46 (close)London – FTSE 100: UP 0.1 percent at 9,911.42 (close)Paris – CAC 40: UP 1.0 percent at 8,241.24 (close)Frankfurt – DAX: UP 1.2 percent at 24,381.46 (close)Tokyo – Nikkei 225: UP 0.4 percent at 51,063.31 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,922.73 (close)Shanghai – Composite: DOWN 0.1 percent at 4,000.14 (close)Euro/dollar: UP at $1.1587 from $1.1582 on TuesdayPound/dollar: DOWN at $1.3129 from $1.3150Dollar/yen: UP at 154.80 yen from 154.16 yenEuro/pound: UP at 88.25 pence from 88.07 penceWest Texas Intermediate: DOWN 4.2 percent at $58.49 per barrelBrent North Sea Crude: DOWN 3.8 percent at $62.71 per barrel

Stock markets fluctuated Wednesday as optimism that the US government shutdown was nearing an end and another Federal Reserve interest rate cut was on the horizon failed to sustain a rally.Traders broadly welcomed an expected vote to reopen the government, after the longest shutdown in US history effectively stemmed the flow of official economic data and closed down vital services.The House of Representatives appeared likely to vote Wednesday on a spending bill to solve the budget standoff after eight Democrats broke ranks in the Senate on Monday.But the news failed to sustain a rally across the board on US markets — the Dow rising while the tech heavy Nasdaq and the S&P 500 fell back in the first few hours of trading. In Europe, Paris hit a new record and Frankfurt also rose after a mixed day on Asian markets.”The end of the shutdown is positive for financial markets as we should get a clear read on economic data in the next week or so,” said Kathleen Brooks, research director at trading group XTB.However, she said the prospect of a resumption of government services was fuelling demand for “risk assets”.The dearth of key data points left investors and the Federal Reserve unable to make informed decisions on policy.Adam Sarhan of 50 Park Investments said traders were now waiting for another possible tech rally later in the month.”Investors are going to wait for the next bullish catalyst, which could be Nvidia, arguably the most important AI stock out there right now,” Sarhan said. The chipmaker is set to report earnings on November 19.Traders had been spooked on Tuesday by news that Japanese investment titan SoftBank had sold all its shares in US chip giant Nvidia for $5.8 billion, without giving a reason.Shares in Nvidia fell three percent on Tuesday but clawed that back Wednesday, and SoftBank plunged as much as 10 percent in Tokyo after Wednesday’s open before closing down 3.5 percent.Meanwhile, expectations grew that the Fed would cut rates in December after data from private payrolls firm ADP pointed to a slower rate of hiring.”Is it a problem? It depends for whom,” said Ipek Ozkardeskaya, Senior Analyst at Swissquote bank. “It’s certainly a problem for politicians, but not for investors.”She said investors needed that kind of jobs data to justify a rate cut, which in turn would lower the cost of the borrowing and make their huge AI investments more affordable.- Key figures at around 1640 GMT -New York – Dow:  UP 0.7 percent at 48,247.24 pointsNew York – S&P 500: DOWN 0.2 percent at 6,835.20New York – Nasdaq Composite: DOWN 0.7 percent at 23,304.46London – FTSE 100: UP 0.1 percent at 9,911.42 (close)Paris – CAC 40: UP 1.0 percent at 8,241.24 (close)Frankfurt – DAX: UP 1.2 percent at 24,381.46 (close)Tokyo – Nikkei 225: UP 0.4 percent at 51,063.31 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,922.73 (close)Shanghai – Composite: DOWN 0.1 percent at 4,000.14 (close)Euro/dollar: UP at $1.1591 from $1.1588 on TuesdayPound/dollar: DOWN at $1.3130 from $1.3168Dollar/yen: UP at 154.66 yen from 154.10 yenEuro/pound: UP at 88.28 pence from 87.99 penceWest Texas Intermediate: DOWN 4.1 percent at $58.50 per barrelBrent North Sea Crude: DOWN 3.8 percent at $62.71 per barrel