Global stock markets were sluggish on Thursday after President Donald Trump signed a U.S. spending bill that ended the record‑long government shutdown. The tech‑heavy Nasdaq fell more than 1% in early trading, led by a 2.8% drop in chip giant Nvidia. The Dow and S&P 500 also slipped, each down about 0.5%.
In Europe, London and Frankfurt markets lost close to 1% as trading wound down, while Paris bucked the trend, gaining 0.4% two hours before the close. Analysts are now questioning whether recent market exuberance has run its course, given the uncertain impact of the shutdown on equities. Wall Street had closed mostly higher on Wednesday, with the Dow hitting a fresh record as traders shifted from tech to industrials. However, London’s market fell after data showed the U.K. economy slowed in the third quarter, delivering another blow to the government ahead of its annual budget.
In corporate news, luxury fashion label Burberry saw its shares jump about 5% on the FTSE 100 before retreating, after the company narrowed first‑half losses through significant cost‑cutting. Asian markets were mixed: Tokyo, Hong Kong, Shanghai and Seoul rose, while Sydney, Wellington and Taipei fell.
The 43‑day U.S. government shutdown has delayed the release of key economic data, including October jobs and consumer‑price figures. The Federal Reserve is expected to decide next month whether to cut rates, but the postponed data could influence that decision. Meanwhile, concerns are growing that the AI‑driven market rally may have pushed tech valuations too high, raising the specter of a bubble.
Oil prices recovered after a 4% plunge on Wednesday, following OPEC’s monthly crude market report that forecast oversupply in the third quarter. The commodity has been pressured by easing Middle‑East tensions and increased output from OPEC and other major producers.
At 14:45 GMT, the Dow was down 0.3% at 48,119.57 points, the S&P 500 down 0.7% at 6,805.78, and the Nasdaq Composite down 1.1% at 23,145.50. In Europe, the FTSE 100 fell 0.8% to 9,835.51, while Paris’s CAC 40 rose 0.4% to 8,274.47. The yen weakened to 154.66 per dollar, and the euro rose to $1.1620. Brent North Sea crude increased 1.0% to $63.34 per barrel, and West Texas Intermediate rose 1.0% to $59.08 per barrel.
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