Global stocks mostly lower after Big Tech stocks push Nasdaq to record high
abcnews.go.comGlobal markets are mostly lower after a rally in technology stocks propelled the Nasdaq composite to a record high
HONG KONG — Global markets were mostly lower on Wednesday after a rally by technology stocks propelled the Nasdaq composite to a record high.
France’s CAC 40 slipped 0.8% in early trading to 7,452.06, while Germany’s DAX dipped 0.4% to 19,399.03. Britain’s FTSE 100 shed 0.5% to 8,181.77. Dow futures added 0.1% to 42,508.00, while S&P 500 futures were up 0.2% at 5,884.75.
Hong Kong’s Hang Seng was down 1.6% at 20,380.64 and the Shanghai Composite index dropped 0.6% to 3,266.24. In Tokyo, the Nikkei 225 index closed up 1.0% at 39,277.39, as the Bank of Japan began a two-day policy meeting on Wednesday.
The European Union has imposed higher tariffs, up to 45.3%, on electric vehicles imported from China. The extra tariffs, which took effect on Wednesday, are the result of over a year of anti-subsidy probes that also prompted countermeasures from Beijing.
China’s Ministry of Commerce on Wednesday said in a statement that it “does not agree with or accept” the tariffs.
Chinese EV companies' stocks dropped in response. Nio's Hong Kong-listed stock fell 6.6%, Geely was down 3.0% and BYD shed 0.7%.
Australia’s S&P/ASX 200 dipped 0.8% to 8,180.40 after the inflation rate in the third quarter came in at 2.8%, the lowest level in more than three years, according to the Australian Bureau of Statistics.
Elsewhere, South Korea’s Kospi was down 0.9% to 2,593.79 and Taiwan’s Taiex lost 0.5%.
The S&P 500 rose 0.2% to 5,832.92 on Tuesday. Gains for influential Big Tech stocks helped mask weakness elsewhere, and pushed the Nasdaq composite up 0.8% to 18,712.75. The Dow Jones Industrial Average, meanwhile, fell 0.4% to
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