Latest / Best of: Features / Tech losses weigh on global markets ahead of US midterm elections, while oil prices rise

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Tech losses weigh on global markets ahead of US midterm elections, while oil prices rise · Best of: Features

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  Tech losses weigh on global markets ahead of U.S. Midterm elections.
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  While oil prices rise. Written by Elaine Lai. This article is
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  being read by an automated voice generated by Everlet. Hong Kong, the
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  AP, world shares fell and U.S. Futures also declined Tuesday as investors
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  awaited the outcome of the U.S. Midterm elections. Oil prices climbed after
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  the United States conducted defensive strikes on some Iranian targets in the
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  Strait of Hormuz. The outcome of Tuesday's vote could fundamentally reshape U.S.
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  President Donald Trump's final two years in the White House. Republicans and
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  Democrats are battling for control of Congress and key governors offices at
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  a time of widespread disaffection over high prices. In early European trading
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  the C forty in Paris fell zero point four percent to eight
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  thousand seven point eight four. Britain's FTSE one hundred slid zero point
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  three percent to ten thousand seven hundred twenty six point five five,
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  and Germany's DAX declined zero point nine percent to twenty five thousand
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  seven hundred and sixty point six seven hundred. The future for the
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  S P five hundred was down 0.3, and that for the Dow
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  Jones Industrial Average fell 0.6. In Asia, South Korea's benchmark Cosby
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  fell for percent to five thousand six hundred and twenty six point
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  zero eight, memory chipmaker SK Heinex dropped five point seven percent, and
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  Samsung Electronics declined four percent, giving up Monday's gains. Markets in Tokyo
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  were closed for a holiday. In Hong Kong, the Hang Seng added
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  0.6 to 23,525.97. The Shanghai
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  Composite Index retreated zero eight percent to three thousand six hundred and
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  eight point one zero, near its lowest level in more than a
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  year. Gain from market supporting measures announced Monday were short lived. Shares
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  of big banks were mostly lower after The Chinese Central Bank announced
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  that it was raising the foreign exchange reserve requirement ratio for financial
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  institutions to six recent from four percent. Australia's SP, ASX
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  200, rose 0.3 to 8,880.50. The Reserve Bank
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  of Australia raised its benchmark interest rate by a quarter percentage point
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  to 4.85, the highest the cash rate has been since it stood
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  at 5.25 in December 2008. It was the fifth-rate hike this year.
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  Taiwan's TIEX slid three point eight percent, Taiwan's Semiconductor Manufacturing Corp sank
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  one point nine percent, and chip designer Mediatik plunged seven point six
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  percent, India's Sensex climbed one point three percent. On Monday, the SE
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  five hundred sank zero point five percent, erasing a one point one
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  percent gain earlier in the day. The Dow Jones industrial average rose
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  zero point four parent while the Nasdaq composite fell one point one
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  percent. The mixed performance for indexes came even though the majority of
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  stocks within the S and P five hundred climbed. They benefited from
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  a recent seven point six percent drop in the price of a
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  barrel of Brent crude, which closed at one hundred and four dollars
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  and seventy seven cents. Its the latest yo yo move for oil
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  price on uncertainty about when the war with Iran will end. So
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  have stocks in the artificial intelligence industry, which have been shaky for
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  months amid criticism, that they have surged too high and are in
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  a bubble. Worries are growing that all the hundreds of billions of
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  dollars big tech companies are pouring into AI data centers won't yield
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  enough productivity and profit to make the investments worth it. The latest
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  profit reports from Alphabet and other big tech companies also showed how
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  AI may be dragging on their own businesses. Google's parent company burned
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  through more cash during the latest quarter, as measured by something called
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  free cash flow, and it reported slower than expected growth in its
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  search business. Expectations are high for all kinds of companies to continue
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  to deliver big gains in profits as the US economy keeps chugging
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  along, even with high inflation and interest rates. That helped s p
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  five hundred to its record last month. In other dealings Tuesday, the
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  price of Brent Crude, the International Standard, climbed one point seven percent
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  to one hundred and six dollars and fifty eight cents a barrel.
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  US benchmark crude oil rose one point five percent to ninety seven
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  dollars and eighty eight cents per barrel. The US dollar fell to
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  one hundred and fifty seven point eight six Japanese yen from one
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  hundred and fifty seven point nine five yen. The Euro rose to
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  one point one two zero two dollars from from one point one
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  one eight eight dollars. Rod McGurk in Melbourne, Australia, contributed to this
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  report.