Global shares reveal mixed trends following Sam Altman news
Date
11/21/2023 8:58:21 AM
(MENAFN) Global shares traded with mixed results on Tuesday following a Wall Street rally led by Microsoft's announcement of hiring Sam Altman, the former CEO of OpenAI, the maker of ChatGPT. In early trading, France's CAC 40 lost 0.1 percent, Germany's DAX rose 0.2 percent, and Britain's FTSE 100 declined nearly 0.2 percent. U.S. futures indicated a lower opening, with Dow futures down nearly 0.1 percent and S&P 500 futures falling nearly 0.1 percent.
Chinese markets initially saw gains after a report in Caixin stated that regulators had drafted a list of property developers eligible for low-cost financing. This move is aimed at supporting the real estate industry, which is grappling with a crisis due to a crackdown on excessive borrowing and an economic slowdown. However, Hong Kong’s Hang Seng erased earlier gains, slipping 0.3 percent, while the Shanghai Composite inched down less than 0.1 percent.
Tokyo's Nikkei 225 edged down 0.1 percent, while Australia's S&P/ASX 200 rose 0.3 percent, and South Korea's Kospi gained 0.8 percent.
The rally on Wall Street was primarily fueled by Microsoft's announcement of hiring Sam Altman for a new venture following his dismissal as OpenAI's CEO. Microsoft's stock rose 2.1 percent, and the company reiterated its commitment to continue the partnership with OpenAI. The enthusiasm around artificial intelligence technology and its anticipated profitability has resonated positively with investors.
Investors are increasingly confident that inflation is easing, leading to expectations that the Federal Reserve may conclude its interest rate hikes. There is also a shift in expectations, with traders considering the possibility of the Fed beginning to cut interest rates. Overall, market sentiment remains influenced by developments in the tech sector and central bank policies, both domestically and globally.
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