TOKYO (AP) — Global shares retreated, although moderately, in cautious trading Wednesday ahead of an earnings report from Nvidia that is seen as a bellwether for the recent craze for artificial intelligence technology.
France's CAC 40 dipped 0.4% in early trading to 7,935.21. Germany's DAX fell 0.2% to 23,136.63. Britain's FTSE 100 inched down less than 0.1% to 9,546.90. U.S. shares were set to be little changed with Dow futures unchanged at 46,184.00. S&P 500 futures gained 0.1% to 6,647.75.
In Asia, Japan's benchmark Nikkei 225 slipped 0.3% to finish at 48,537.70. Hong Kong’s Hang Seng dropped 0.4% to 25,830.65, while the Shanghai Composite rose 0.2% to 3,946.74.
Australia's S&P/ASX 200 shed 0.3% to 8,447.90, while South Korea's Kospi lost 0.6% to 3,929.51. Taiwan's Taiex lost 0.7%.
Nvidia was due to report its earnings for the last quarter later in the day. The most influential stock on Wall Street, Nvidia steers the direction of the S&P 500 some days. Fervent demand for its artificial-intelligence chips has helped it briefly top $5 trillion in total value.
Traders had earlier expected the U.S. Federal Reserve will cut its main interest rate at its next meeting in December, but now they aren't as sure. The Fed has cut rates twice already this year in hopes of shoring up a slowing job market. But lower interest rates can make inflation worse, and inflation has stubbornly remained above the Fed’s 2% target.
In other dealings early Wednesday, the U.S. dollar rose to 155.65 Japanese yen from 155.51 yen. The euro fell to $1.1577 from $1.1581.
In energy trading, benchmark U.S. crude lost 51 cents to $60.23 a barrel. Brent crude, the international standard, fell 56 cents to $64.33 per barrel.
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