London (AFP) – Stock markets mostly retrenched on Friday at the end of a week jam-packed with geopolitical developments, content to languish after record-breaking performances in recent days. European equities were in mildly negative territory at the close, with investors in no mood to take fresh positions. US stocks did somewhat better, led by positive sentiment in the key tech sector that helped the tech-heavy Nasdaq index outperform.
Taiwan vowed to remain the world’s “most important” maker of chips for artificial intelligence after reaching a trade deal with the United States that will reduce tariffs on the island’s shipments and increase Taiwanese investment on US soil. It comes one day after Taiwanese chipmaking titan TSMC posted a jump in profits, bolstering confidence that massive AI investments will pay off. “The surge in demand for AI products manufactured by TSMC has pricked up the ears of the US administration,” said Susannah Streeter, chief investment strategist at Wealth Club. “The AI juggernaut clearly has further to run, with demand for AI chips seemingly insatiable for now,” she added.
On Thursday, Wall Street’s tech-rich Nasdaq index had already piled on more than one percent early in the session thanks to gains among leading chip companies. In commodities trading, oil prices rebounded after shedding five percent Thursday as US President Donald Trump appeared to step back from military action against Iran, a major producer of crude oil.
**Key figures at around 1645 GMT:**
– New York – Dow: UP 0.1 percent at 49,477.76 points
– New York – S&P 500: UP 0.1 percent at 6,954.00
– New York – Nasdaq: UP 0.2 percent at 23,666.30
– London – FTSE 100: DOWN less than 0.1 percent at 10,235.29 (close)
– Frankfurt – DAX: DOWN 0.2 percent at 25,297.13 (close)
– Paris – CAC 40: DOWN 0.7 percent at 8,258.94 (close)
– Tokyo – Nikkei 225: DOWN 0.3 percent at 53,936.17 (close)
– Hong Kong – Hang Seng Index: DOWN 0.3 percent at 26,844.96 (close)
– Shanghai – Composite: DOWN 0.3 percent at 4,101.91 (close)
**Exchange rates:**
– Euro/dollar: UP at $1.1618 from $1.1605 on Thursday
– Pound/dollar: UP at $1.3386 from $1.3377
– Dollar/yen: DOWN at 158.03 yen from 158.63 yen
– Euro/pound: DOWN 86.68 from 86.75 pence
**Commodities:**
– Brent North Sea Crude: UP 1.1 percent at $64.49 per barrel
– West Texas Intermediate: UP 1.1 percent at $59.75 per barrel
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© 2024 AFP
