World Shares Mixed After Tech Sell-Off 06/24 05:05

   World shares were mixed Wednesday following a sell-off in big technology 
stocks from Asia to Wall Street.

   HONG KONG (AP) -- World shares were mixed Wednesday following a sell-off in 
big technology stocks from Asia to Wall Street.

   U.S. stock futures were also trading mixed, as global investors monitor 
market movements including in Japan and South Korea, which have seen big gains 
in recent months on the global AI boom but both fell sharply on Tuesday.

   In early European trading, Britain's FTSE 100 edged down 0.1% to 10,417.97. 
Germany's DAX fell 0.8% to 24,687.18, while France's CAC 40 was 0.2% higher at 
8,355.36.

   In Asia, South Korea's benchmark Kospi index was up 3.3% to 8,471.02, 
recovering from its 10% decline on Tuesday. Shares of memory chipmaker SK 
Hynix, one of the country's most valuable stocks, climbed 1%. Samsung 
Electronics jumped 9.8%, after Tuesday's 12.3% plummet.

   Tokyo's Nikkei 225 lost 0.9% to 69,174.97 after falling 3.6% on Tuesday.

   Taiwan's Taiex, which is also heavily influenced by tech shares, fell 2.2%.

   Hong Kong's Hang Seng was 0.3% higher at 23,412.18. The Shanghai Composite 
index was up 0.1% to 4,110.81. Australia's S&P/ASX 200 edged up 0.2% to 
8,808.40.

   The declines in Asian markets, including Japan's, followed Tuesday's 1.4% 
drop for Wall Street's benchmark S&P 500 index. The technology-heavy Nasdaq 
composite fell 2.2%, while the Dow Jones Industrial Average ended 0.1% lower.

   Big Tech and semiconductor stocks fell in the U.S. On Tuesday, Micron 
Technology sank 13.2%, while Nvidia lost more than 4.1%.

   The big falls in tech shares were an "illustration of rising volatility" in 
these stocks, said James Reilly, senior markets economist at Capital Economics. 
"This is particularly true in Korea where domestic retail buyers are taking on 
an increasing role," he said.

   Oil prices fell early Wednesday, as more ships crossed the Strait of Hormuz 
while U.S.-Iran talks on a permanent end to the Iran war made progress.

   "Price movements suggest the market expects a fairly rapid recovery in 
Persian Gulf oil supplies," ING commodities strategists Warren Patterson and 
Ewa Manthey said in a commentary.

   Still, while vessel crossings in the strait increased in recent days, they 
remained well below prewar levels, they noted.

   Brent crude, the international standard, fell 1.6% to $75.57 a barrel. It 
has been trading below $80 in recent days but is still elevated compared with 
the approximately $70 per barrel in late February before the war began.

   Benchmark U.S. crude was down 1.8% to $71.92 a barrel.

   In the U.S., investors are awaiting a report due Thursday of May's personal 
consumption expenditures price index, or PCE, which is the preferred inflation 
gauge by the Federal Reserve.

   Some economists predict the Fed may hold key interest rate this year but is 
unlikely to raise rates. Bond yields have remained higher as inflation concerns 
grew amid global energy shocks.

   In other dealings, the U.S. dollar was trading at 161.74 Japanese yen, up 
from 161.55 yen. The euro was trading at $1.1347, down from $1.1382.