European shares opened lower on Thursday after a broad advance in Asia spurred by a rebound on Wall Street.
Upbeat economic updates and a steady flow of quarterly reports from U.S. companies have helped counter worries over surging share prices for Big Tech companies.
But that optimism failed to carry over from Asia to Europe.
Germany’s DAX lost 0.2% to 24,003.24, while the CAC 40 in Paris declined 0.5% to 8,033.11. Britain’s FTSE 100 slipped 0.2% to 9,761.18.
The future for the S&P 500 was virtually unchanged while that for the Dow Jones Industrial Average lost 0.1%.
In Asia, shares bounced back from a retreat the day before.
Tokyo’s Nikkei 225 jumped 1.3% to 50,883.68.
Shares in Nissan Motor Co. fell 1.7% after the company said it was selling its headquarters building in Yokohama to raise cash.
After trading closed, Nissan reported a 221.9 billion yen ($1.4 billion) loss for April-September and said its revenue dropped 7% from a year earlier.
In South Korea, the Kospi advanced 0.6% to 4,026.45. Taiwan’s Taiex was up 0.7%.
Hong Kong’s Hang Seng jumped 2.1% to 26,485.90, while the Shanghai Composite index climbed 0.1% to 4,007.76.
However, shares in autonomous driving companies Pony.ai and WeRide fell in their debut on the Hong Kong stock exchange.
Pony.ai lost 9.3%, while WeRide’s shares fell 10%.
Shares in Cathay Pacific Airways gained 4% after it announced that Qatar Airways was selling its 9.57% stake in the Hong Kong-based carrier in a buyback worth $896 million. The deal is subject to shareholder approval.
On Wednesday, U.S. stocks gained ground with broad gains, reversing the prior day’s dip. Much of the market’s push and pull came from the technology sector, where several companies with huge values have an outsized influence over the market.
Google’s parent, Alphabet, jumped 2.4%, Broadcom rose 2%, and Facebook parent Meta Platforms rose 1.4%. They helped lead the way higher for the broader market. Their gains also helped counter losses from a few technology behemoths, including Nvidia and Microsoft.
Overall The S&P 500 rose 0.4% and the Dow industrials picked up 0.5% to 47,311. The Nasdaq composite added 0.6%.
Company earnings and forecasts were once again a big focus for Wall Street, with results coming from a broad spectrum of industries.
The latest round of earnings offers Wall Street a source of information on consumers, businesses and the economy that is otherwise lacking amid the government shutdown. Important monthly updates on inflation and employment have ceased, leaving investors, economists and the Federal Reserve without a fuller picture of the economy.
There are still several informative private economic updates that Wall Street can review.
A monthly report from ADP showed that private payrolls rose more than expected in October. The report offers a partial glimpse into the job market, which has been generally weakening and raising broader concerns about economic growth.
A weaker job market remains a big concern for the Fed. The central bank cut its benchmark rate for the second time this year at its most recent meeting, in part to help bolster the economy amid a weakening job market. Lower interest rates can make a wide range of loans and credit less expensive, potentially promoting economic growth. But, lower rates can also add fuel to inflation, which could stunt economic growth.
In other dealings early Thursday, U.S. benchmark crude gained 26 cents to $59.86 per barrel. Brent crude, the international standard, advanced 25 cents to $63.77 per barrel.
The U.S. dollar fell to 153.85 Japanese yen from 154.11 yen. The euro rose to $1.1510 from $1.1494.
—Elaine Kurtenbach, AP Business Writer
