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The Dow and S&P 500 finished at fresh records Thursday while a big drop in Oracle shares dragged the Nasdaq lower and revived worries over pricey artificial intelligence valuations.The records followed a positive day on European bourses and mixed one in Asia and reflected optimism after the Federal Reserve cut interest rates on Wednesday and offered less hawkish commentary than feared.Banks and industrial stocks were among the best performing on the blue-chip Dow index, which ended 1.3 percent higher, while the Nasdaq lost 0.3 percent.”Even as investors were reassured by the Fed’s latest rate cut, familiar concerns about AI are still very much top of mind right now,” said Deutsche Bank managing director Jim Reid.Those concerns were reignited after Oracle reported after markets closed on Wednesday that quarterly revenue had fallen short of lofty expectations and revealed a surge in spending on data centers to boost AI capacity.Shares in the Texas-based company finished down 10.8 percent after dropping even more during the session.Dave Grecsek of Aspiriant Wealth Management said the market’s reaction to Oracle’s results underscored its discomfort with aggressive AI investments.”There’s still a lot of apprehension about how sustainable some of these capital spending plans are, what the return on those investments are, and especially now that they’re financed with debt,” he said.Markets globally suffered a wobble last month with investors worried over the vast sums poured into AI, with some observers warning of an AI bubble that could burst and cause a market rout.The Fed, as expected, cut interest rates on Wednesday. But an unusually heavy number of dissents (three) complicates the outlook for monetary policy.”Investors have shrugged off the Fed’s latest reduction in US borrowing costs as it is becoming harder to guess where rates might go next,” said AJ Bell investment director Russ Mould.Fed policymakers were highly divided about whether to cut rates again in 2026 and if so, how often.But eToro US analyst Bret Kenwell pointed out that Fed Chair Jerome Powell had highlighted the fact that none of the Fed policymakers sees rate hikes in 2026 in their base scenario.”The lack of an outright hawkish tone from the Fed combined with its third consecutive rate cut could pave the way for a potential year-end rally in equities, provided that next week’s macroeconomic data doesn’t derail the recent bullish momentum,” Kenwell said.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.The dollar weakened while oil prices retreated. Among individual companies, Disney jumped 2.4 percent after announcing a three-year licensing deal with OpenAI that will allow users to create short videos featuring beloved Disney characters through artificial intelligence. – Key figures at around 2130 GMT -New York – Dow: UP 1.3 percent at 48,704.01 (close)New York – S&P 500: UP 0.2 percent at 6,901.00 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 23,593.86 (close)London – FTSE 100: UP 0.5 percent at 9,703.16 (close)Paris – CAC 40: UP 0.8 percent at 8,085.76 (close)Frankfurt – DAX: UP 0.7 percent at 24,294.61 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 50,148.82 (close)Hong Kong – Hang Seng Index: FLAT at 25,530.51 (close)Shanghai – Composite: DOWN 0.7 percent at 3,873.32 (close)Dollar/yen: DOWN at 155.58 yen from 156.02 yen on WednesdayEuro/dollar: UP at $1.1741 from $1.1695Pound/dollar: UP at $1.3394 from $1.3383Euro/pound: UP at 87.65 pence from 87.39 penceBrent North Sea Crude: DOWN 1.5 percent at $61.28 per barrelWest Texas Intermediate: DOWN 1.5 percent at $57.60 per barrelburs-jmb/bgs

The Dow hit a record high on Thursday despite disappointing earnings from software giant Oracle reviving concerns over sky-high AI valuations.”Traders are in the mood to recover their bullish stance after yesterday’s Oracle numbers,” said market analyst Chris Beauchamp at trading platform IG.While the blue-chip Dow rose, the S&P 500 and Nasdaq Composite both slid lower.Major European indices ended the day with gains, after Asian markets finished mixed.The Fed delivered its third straight cut to borrowing costs on Wednesday, as widely expected.And while it signalled that it could hold off further reductions in the coming months, the comments weren’t as hawkish as some expected.”Even as investors were reassured by the Fed’s latest rate cut, familiar concerns about AI are still very much top of mind right now,” said Deutsche Bank managing director Jim Reid.Those concerns were reignited after Oracle reported after markets closed on Wednesday that quarterly revenue had fallen short of lofty expectations and revealed a surge in spending on data centres to boost AI capacity.Shares in the Texas-based company fell around 16 percent as trading got underway Thursday, and only recovered slightly in morning trading.Markets globally suffered a wobble last month with investors increasingly worried over the vast sums poured into AI, with some observers warning of an AI bubble that could burst and cause a market rout.Russ Mould, AJ Bell investment director, noted that the fanfare around rate cuts had been short-lived.”Investors have shrugged off the Fed’s latest reduction in US borrowing costs as it is becoming harder to guess where rates might go next,” he added.Even Fed policymakers were highly divided about whether to cut rates again in 2026 and if so, how often.But eToro US analyst Bret Kenwell pointed out that Fed Chair Jerome Powell had highlighted the fact that none of the Fed policymakers sees rate hikes in 2026 in their base scenario.”Keeping rate hikes off the table helps the Fed lean dovish and has investors looking at the next rate cut as a ‘when not if’ scenario, even if it takes several more meetings before the next one is announced,” said Kenwell.”The lack of an outright hawkish tone from the Fed combined with its third consecutive rate cut could pave the way for a potential year-end rally in equities, provided that next week’s macroeconomic data doesn’t derail the recent bullish momentum,” he added.Kenwell also noted that stocks were near all-time highs, which he said tends to be bullish for long-term investors.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.The dollar weakened while oil prices fell more than two percent on oversupply concerns.Silver and copper prices hit record highs.- Key figures at around 1630 GMT -New York – Dow: UP 1.0 percent at 48,538.45 pointsNew York – S&P 500: DOWN 0.4 percent at 6,861.84New York – Nasdaq Composite: DOWN 1.1 percent at 23,396.61 London – FTSE 100: UP 0.5 percent at 9,703.16 (close)Paris – CAC 40: UP 0.8 percent at 8,085.76 (close)Frankfurt – DAX: UP 0.7 percent at 24,294.61 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 50,148.82 (close)Hong Kong – Hang Seng Index: FLAT at 25,530.51 (close)Shanghai – Composite: DOWN 0.7 percent at 3,873.32 (close)Dollar/yen: DOWN at 155.25 yen from 155.92 yen on WednesdayEuro/dollar: UP at $1.1750 from $1.1693Pound/dollar: UP at $1.3419 from $1.3384Euro/pound: UP at 87.55 pence from 87.36 penceBrent North Sea Crude: DOWN 2.1 percent at $60.90 per barrelWest Texas Intermediate: DOWN 2.2 percent at $57.18 per barrelburs-rl/gv

Time magazine named the “Architects of AI” as its Person of the Year on Thursday, highlighting the US tech titans whose work on cutting-edge artificial intelligence is transforming humanity.Nvidia’s Jensen Huang, OpenAI’s Sam Altman and xAI’s Elon Musk are among the innovators who have “grabbed the wheel of history, developing technology and making decisions that are reshaping the information landscape, the climate, and our livelihoods,” Time wrote.One of two covers of the magazine is a homage to the famous 1932 photograph of ironworkers casually eating lunch on a steel beam above New York City.In the Time illustration, sitting astride the city are Meta’s Mark Zuckerberg, AMD chief Lisa Su, Musk, Huang, Altman as well as Google’s AI boss Demis Hassabis, Anthropic’s Dario Amodei and Stanford professor Fei-Fei Li. “Racing both beside and against each other, they placed multibillion-dollar bets on one of the biggest physical infrastructure projects of all time,” the magazine said of the group.”They reoriented government policy, altered geopolitical rivalries, and brought robots into homes. AI emerged as arguably the most consequential tool in great-power competition since the advent of nuclear weapons.”Alongside popular AI models like ChatGPT and Claude, Time credited investors like SoftBank CEO Masayoshi Son, who has plunged billions of dollars into the technology.Time’s Person of the Year selection is an acknowledgement of the year’s most influential figure. The title last year went to president-elect Donald Trump. Others have included singer Taylor Swift and Ukrainian leader Volodymyr Zelensky.- ‘Gravitational center of 2025’ -According to the magazine, which is owned by Silicon Valley billionaire Marc Benioff, 2025 was the year AI shifted from promise to reality and when ChatGPT usage more than doubled to 10 percent of the world’s population.”This is the single most impactful technology of our time,” Huang, CEO of chipmaker Nvidia — the most valuable company in the world — told Time. He predicted that AI will eventually grow the global economy from $100 trillion to $500 trillion.But the magazine also pointed to AI’s darker side.Lawsuits have alleged that chatbots contributed to suicides and mental health crises, sparking debates about “chatbot psychosis,” where users may devolve into delusions and paranoia.In one case, the California parents of 16-year-old Adam Raine are suing OpenAI after he took his own life. They claim that ChatGPT provided information about suicide methods.Time noted too looming job displacement as more companies race to replace workers with AI models.Yet the magazine notably steered away from using AI to generate its cover art, opting instead for human artists.Thomas Hudson, chief analyst at US research firm Forrester, said the Person of the Year choice rightly reflected AI’s heavy influence this year.”AI has been the gravitational center of 2025 for the economy and the source of endless discussions on how it will shape the future of our societies,” he said in a statement.

Stock markets diverged Thursday as optimism over the Federal Reserve’s latest interest rate cut was dampened by disappointing earnings from software giant Oracle, which revived concerns over sky-high AI valuations.On Wall Street the blue-chip Dow edged higher at the open of trading, while the S&P 500 and Nasdaq Composite both slid lower.Major European indices gained in afternoon trading, after Asian markets finished mixed.The Fed delivered its third straight cut to borrowing costs on Wednesday, but signalled that it could hold off further reductions in the coming months. “Even as investors were reassured by the Fed’s latest rate cut, familiar concerns about AI are still very much top of mind right now,” said Deutsche Bank managing director Jim Reid.Those concerns were reignited after Oracle reported after markets closed on Wednesday that quarterly revenue had fallen short of lofty expectations and revealed a surge in spending on data centres to boost AI capacity.Shares in the Texas-based company fell around 16 percent as trading got underway Thursday.Investors are wary of the massive investments tech companies are making in artificial intelligence models and infrastructure, wondering how and when they will pay off.Markets globally suffered a wobble last month with investors increasingly worried over the vast sums poured into AI. US chip titan Nvidia became the world’s first $5-trillion company in October.Some observers have warned of an AI bubble that could burst and cause a market rout.Russ Mould, AJ Bell investment director, noted that the fanfare around rate cuts had been short-lived.”Investors have shrugged off the Fed’s latest reduction in US borrowing costs as it is becoming harder to guess where rates might go next,” he added.Even Fed policymakers were highly divided about whether to cut rates again in 2026 and if so, how often.But eToro US analyst Bret Kenwell pointed out that Fed Chair Jerome Powell had highlighted the fact that none of the Fed policymakers sees rate hikes in 2026 in their base scenario.”Keeping rate hikes off the table helps the Fed lean dovish and has investors looking at the next rate cut as a ‘when not if’ scenario, even if it takes several more meetings before the next one is announced,” said Kenwell.”The lack of an outright hawkish tone from the Fed combined with its third consecutive rate cut could pave the way for a potential year-end rally in equities, provided that next week’s macroeconomic data doesn’t derail the recent bullish momentum,” he added.September trade data helped, with the deficit falling to its lowest level since the Covid-19 pandemic as US exports jumped much more than imports.Kenwell also noted that stocks were near all-time highs, which he said tends to be bullish for long-term investors.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.Concern about the labour market has offset persistently high inflation, with some decision-makers confident the impact of US tariffs on prices will ease over time.Silver hit a fresh record high of $62.8863, having broken $60 an ounce for the first time this week on rising demand and supply constraints.- Key figures at around 1430 GMT -New York – Dow: UP percent at 48,171.18 pointsNew York – S&P 500: DOWN 0.4 percent at 6,859.96New York – Nasdaq Composite: DOWN 0.5 percent at 24,253.63 London – FTSE 100: UP 0.1 percent at 9,667.28Paris – CAC 40: UP 0.8 percent at 8,085.96Frankfurt – DAX: UP 0.5 percent at 24,253.63Tokyo – Nikkei 225: DOWN 0.9 percent at 50,148.82 (close)Hong Kong – Hang Seng Index: FLAT at 25,530.51 (close)Shanghai – Composite: DOWN 0.7 percent at 3,873.32 (close)Dollar/yen: DOWN at 155.06 yen from 155.92 yen on WednesdayEuro/dollar: UP at $1.1748 from $1.1693Pound/dollar: UP at $1.3422 from $1.3384Euro/pound: UP at 87.55 pence from 87.36 penceBrent North Sea Crude: DOWN 2.0 percent at $61.00 per barrelWest Texas Intermediate: DOWN 2.1 percent at $57.25 per barrelburs-rl/jj

Asian markets were mixed Thursday as earlier gains fuelled by the Federal Reserve’s latest interest rate cut were offset by indications the central bank will hold off from further reductions at the start of next year.Disappointing earnings from software giant Oracle also dented sentiment as they revived worries that sky-high valuations for tech companies, boosted by excitement over artificial intelligence, may be stretched after a long-running rally.While the Fed’s move had been priced in for several weeks, investors took some cheer from the fact that boss Jerome Powell was less hawkish in his post-meeting remarks.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.Concern about the labour market has offset persistently high inflation, with some decision-makers confident the impact of US tariffs on prices will ease over time.Wall Street provided a positive lead but after a promising start Asian equities lost momentum.Tokyo fell along with Shanghai, Seoul, Taipei and Bangkok, while Hong Kong was marginally down. There were gains in Sydney, Singapore, Wellington, Manila, Mumbai and Jakarta. London and Frankfurt opened lower, while Paris edged up.Traders have lowered their expectations for the number of Fed cuts in 2026 after the bank’s statement used language used in late 2024 to signal a pause in more rate cuts.Two members voted against the 25-basis-point cut, though one — Trump appointee Stephen Miran — voted for a 50-point cut.”This further normalisation of our policy stance should help stabilise the labour market while allowing inflation to resume its downward trend toward two percent once the effects of tariffs have passed through,” Powell said.Matthias Scheiber and Rushabh Amin at Allspring Global Investments wrote: “As 2026 begins, we believe the makeup of the board’s voting members will come into greater focus and that, while the market is relatively optimistic (pricing in two more rate cuts by the end of 2026), we expect cuts will come after June.”Still, Axel Rudolph, market analyst at IG, wrote ahead of Wednesday’s announcement that “the Fed… has room to ease policy without reigniting inflation concerns”.”Disinflation is sufficiently entrenched that rate cuts can proceed at a measured pace, providing a tailwind for risk assets without requiring an economic crisis to justify them,” Rudolph said.”This ‘Goldilocks’ scenario of growth with easing financial conditions is exactly what equity markets need.”The mood on trading floors was dampened by the earnings from Oracle, which showed figures on cloud sales and its infrastructure business fell short of forecasts. It also revealed a surge in spending on data centres to boost AI capacity.Markets globally suffered a wobble last month with investors increasingly worried over the vast sums poured into AI, with US chip titan Nvidia becoming the world’s first $5 trillion company in October.Some observers have warned of an AI bubble that could burst and cause a market rout.In Hong Kong, shares in Jingdong Industrials — the supply chain unit of Chinese ecommerce titan JD.com — briefly slipped as much as 10 percent on the firm’s debut, having raised more than US$380 million in an IPO.Gold, a go-to asset as US rates fall, pushed around one percent higher to sit above $4,200, while silver hit a fresh record high of $62.8863, having broken $60 for the first time this week on rising demand and supply constraints.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.9 percent at 50,148.82 (close)Hong Kong – Hang Seng Index: FLAT at 25,530.51 (close)Shanghai – Composite: DOWN 0.7 percent at 3,873.32 (close)London – FTSE 100: DOWN 0.1 percent at 9,647.59Dollar/yen: UP at 156.06 yen from 155.92 yen on WednesdayEuro/dollar: UP at $1.1697 from $1.1693Pound/dollar: DOWN at $1.3368 from $1.3384Euro/pound: UP at 87.49 pence from 87.36 penceWest Texas Intermediate: DOWN 0.6 percent at $58.10 per barrelBrent North Sea Crude: DOWN 0.6 percent at $61.81 per barrel

Taiwan plans to keep making the “most advanced” chips on home soil and remain “indispensable” to the global semiconductor industry, the deputy foreign minister told AFP, despite intense Chinese military pressure.The democratic island makes more than half of the world’s chips, and nearly all of the most advanced ones, that power everything from smartphones to AI data centres.Its dominance of the industry has long been seen as a “silicon shield” protecting it from an invasion or blockade by China — which claims the island is part of its territory — and an incentive for the United States to defend it.But the threat of a Chinese attack has fuelled concerns about potential disruptions to global supply chains and has increased pressure for more chip production beyond Taiwan’s shores.”We will try to maintain the most advanced technology in Taiwan, and to be sure that Taiwan continues to play an indispensable role” in the semiconductor ecosystem, Deputy Foreign Minister Francois Chih-chung Wu told AFP in an interview Wednesday. “I think it’s the same logic for every country, even countries not under such a very complicated geopolitical situation.”China has ramped up military pressure on Taiwan in recent years, deploying on an almost daily basis fighter jets and warships around the island. Taiwan has responded by increasing defence spending to upgrade its military equipment and improve its ability to wage asymmetric warfare. – ‘Core interest’ -The island does not have enough land, water or energy to accommodate the fabrication plants, or fabs, needed to meet soaring demand for chips, “so step by step we enlarge our investment in the world, but still linking with Taiwan”, said Wu, who was previously the representative to France.Taiwan’s TSMC, the world’s largest chipmaker, has already invested in fabs in the United States, Japan and Germany.And earlier this year the firm pledged to spend an additional US$100 billion on US chip plants, as President Donald Trump threatened to impose tariffs on overseas-made semiconductors.However, replicating TSMC’s factories in the United States is full of challenges, said Wu, citing Taiwan’s “very special culture to make the semiconductors very well”.The best way to reduce risks to the chip industry was not to move fabs abroad but to “prevent the war”, Wu said.US Secretary of Commerce Howard Lutnick said recently he had proposed to Taiwan a 50-50 split in chip production, an idea that Taipei rejected.While Washington is Taiwan’s most important security backer, some of Trump’s comments about the island and flip-flopping on Ukraine have raised doubts over his willingness to defend it. Wu, however, expressed confidence that the United States, as well as Europe, would respond to a Chinese attack on Taiwan in order to protect their “national interest” in the region.”It just happens that your interest and Taiwan’s interest we share together,” Wu said. Those interests, he said, included the semiconductor industry but also peace, and freedom of navigation in the Taiwan Strait, which is a key international shipping route. “I think Donald Trump understands better and better, day by day, the strategic importance of Taiwan… and will defend American interests in his own way,” Wu said.”We are the core interest of China, but we are also a core interest of the US.”

Most Asian markets rose Thursday as traders welcomed the Federal Reserve’s third straight interest rate cut, though the euphoria was tempered by an indication officials could hold off another reduction any time soon.While the move had been priced in for several weeks, investors were cheered by the fact that bank boss Jerome Powell was “less hawkish” in his post-meeting remarks.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.Concern about the labour market has offset persistently high inflation, with some decision-makers confident the impact of Donald Trump’s tariffs on prices will ease over time.After a positive lead from Wall Street, most of Asia pushed higher.Hong Kong, Sydney, Seoul, Singapore, Wellington, Manila and Jakarta were all up, while Tokyo, Shanghai and Taipei dipped.However, traders have lowered their expectations for a string of further cuts in 2026 after the bank’s statement used language used in late-2024 to signal a pause in more rate cuts.Two members voted against the 25-basis-point cut, though one — Donald Trump appointee Stephen Miran — voted for a 50 points cut.Powell said officials were in a good position to determine the “extent and timing of additional adjustments based on the incoming data, the evolving outlook and the balance of risks”.He also said: “This further normalisation of our policy stance should help stabilise the labour market while allowing inflation to resume its downward trend toward two percent once the effects of tariffs have passed through.”Matthias Scheiber and Rushabh Amin at Allspring Global Investments wrote: “As 2026 begins, we believe the makeup of the board’s voting members will come into greater focus and that, while the market is relatively optimistic (pricing in two more rate cuts by the end of 2026), we expect cuts will come after June.”Still, there was plenty of optimism about the outlook for equities, with Axel Rudolph, market analyst at IG, writing ahead of Wednesday’s announcement: “The Fed… has room to ease policy without reigniting inflation concerns.”Disinflation is sufficiently entrenched that rate cuts can proceed at a measured pace, providing a tailwind for risk assets without requiring an economic crisis to justify them.”This ‘Goldilocks’ scenario of growth with easing financial conditions is exactly what equity markets need.”And CFRA Research’s Sam Stovall said Powell’s remarks were “less hawkish than a lot of investors had anticipated” and that he “did sound very supportive of cutting rates more if need be”.Earnings from US software giant Oracle provided a jolt to investors as it revealed a surge in spending on data centres to boost its artificial intelligence capacity. The news comes as investors grow increasingly worried that the vast sums splashed out on the AI sector will not see the returns as early as hoped. And shares in Jingdong Industrials — the supply chain unit of Chinese ecommerce titan JD.com — briefly slipped as much as 10 percent on the firm’s Hong Kong debut, having raised more than US$380 million in an initial public offering.The dollar extended losses against its main peers, while gold — a go-to asset as US rates fall — pushed around one percent higher to sit above $4,200.Silver hit a fresh record high of $62.8863, having broken $60 for the first time this week on rising demand and supply constraints.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.6 percent at 50,308.89 (break)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,665.26Shanghai – Composite: DOWN 0.2 percent at 3,893.86Dollar/yen: DOWN at 155.63 yen from 155.92 yen on WednesdayEuro/dollar: UP at $1.1703 from $1.1693Pound/dollar: UP at $1.3386 from $1.3384Euro/pound: UP at 87.43 pence from 87.36 penceWest Texas Intermediate: UP 0.7 percent at $58.85 per barrelBrent North Sea Crude: UP 0.6 percent at $62.55 per barrel

Wall Street stocks rose and the dollar retreated Wednesday after the Federal Reserve cut interest rates again as it seeks to shore up a vulnerable US labor market.The rate cut was expected, but stocks had been under pressure in recent days in part due to speculation that the Fed would combine Wednesday’s interest rate cut with commentary suggesting a pause to further easing in light of still-elevated inflation.But market watchers read Fed Chair Jerome Powell’s emphasis on the job market during a press conference as a signal that the Fed could cut interest rates again in 2026. Powell’s “press conference today was less hawkish than a lot of investors had anticipated,” said CFRA Research’s Sam Stovall. “And I think that that will go a long way to propelling stocks through the end of the year and allowing us to end on a positive note.””Powell did sound very supportive of cutting rates more if need be,” Stovall said.Stocks rose throughout the news conference, with the broad-based S&P 500 finishing up 0.7 percent. The dollar retreated against the euro and other major currencies.Powell described the current countervailing pressures on the central bank as an unusual challenge, with the Fed’s dual mandates on inflation and the job market pointing towards opposite policies.The US central bank’s third straight interest rate cut comes as inflation remains well above the Fed two-percent target. Recent US labor data has also shown some weakening, although the central bank has been forced to do without key economic reports due to the government shutdown.”We’re going to need to have some years where real compensation is higher” than inflation “for people to start feeling good about affordability,” Powell said.Wednesday’s cut by a quarter percentage point brings rates to a range between 3.50 percent and 3.75 percent, the lowest in around three years, a move aligned with market expectations.Three Fed officials dissented.Chicago Fed president Austan Goolsbee and Kansas City Fed president Jeffrey Schmid instead sought to keep rates unchanged. Fed Governor Stephen Miran backed a bigger, half-percentage-point cut.Earlier, London closed 0.1 percent in the green but Frankfurt and Paris were just off, while Asia saw a lackluster session.After November’s tech-led swoon, stock markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering after the release of US inflation data that was slightly higher than expected.The price of silver hit a record high at $61.9507 an ounce owing to high demand for the metal used by industry as well as for making jewelry.It topped $60 for the first time Tuesday, also thanks to supply constraints.- Key figures at around 2115 GMT -New York – Dow: UP 1.1 percent at 48,057.75 (close)New York – S&P 500: UP 0.7 percent at 6,886.68 (close)New York – Nasdaq Composite: UP 0.2 percent at 23,654.16 (close)London – FTSE 100: UP 0.1 percent at 9,655.02 (close)Paris – CAC 40: DOWN 0.4 percent at 8,022.69 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,130.14 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)Dollar/yen: DOWN at 155.92 yen from 156.88 yen on TuesdayEuro/dollar: UP at $1.1693 from $1.1627Pound/dollar: UP at $1.3384 from $1.3297Euro/pound: DOWN at 87.36 pence from 87.43 penceBrent North Sea Crude: UP 0.4 percent at $62.21 per barrelWest Texas Intermediate: UP 0.4 percent at $58.46 per barrel

Global stock markets marked time and the dollar steadied Wednesday with investors’ eyes on a highly anticipated Federal Reserve policy announcement later in the day.On Wall Street, the tech-heavy Nasdaq was off 0.2 percent two hours into the session. The Dow rose 0.5 percent but the S&P 500 index was flat.Europe was little changed as London closed 0.1 percent in the green but Frankfurt and Paris were just off, while Asia saw a lacklustre session.With US central bankers expected to cut interest rates for the third straight session on Wednesday, the main focus is on their post-meeting statement, Fed boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.”While there is a 90-percent chance of a rate cut at this meeting, the outlook is less clear,” said Kathleen Brooks, research director at traders XTB.”In the lead up to this meeting, bond traders are scaling back their expectations for future rate cuts, with only two further reductions expected throughout 2026,” she added.Traders were generally expecting a “hawkish” 25-basis-point trim.After November’s tech-led swoon, stock markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering following the release of US inflation data that was slightly higher than expected.US data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year.Still, there is some hope that the Fed will turn more dovish next year, with US President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates.After a weak showing Tuesday in New York, where the S&P 500 and Dow dropped, Asia fared no better Wednesday with Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all down, though Hong Kong and Taipei edged up.The price of silver hit a record high at $61.6145 an ounce owing to high demand for the metal used by industry as well as for making jewellery.It topped $60 for the first time Tuesday also thanks to supply constraints.Investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.- Key figures at around 1650 GMT -New York – Dow: UP 0.5 percent at 47,790.81 pointsNew York – S&P 500: UP 0.1 percent at 6,845.34New York – Nasdaq Composite: DOWN 0.2 percent at 23,519.10London – FTSE 100: UP 0.1 percent at 9,655.02 (close)Paris – CAC 40: DOWN 0.4 percent at 8,022.69 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,130.14 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)Dollar/yen: DOWN at 156.52 yen from 156.90 yen on TuesdayEuro/dollar: UP at $1.1636 from $1.1630Pound/dollar: UP at $1.3317 from $1.3300Euro/pound: DOWN at 87.33 pence from 87.43 penceBrent North Sea Crude: DOWN 0.7 percent at $61.49 per barrelWest Texas Intermediate: DOWN 0.7 percent at $57.80 per barrel