Alibaba soars but Europe, Asia stocks mixed
Source: AFP
Chinese ecommerce giant Alibaba soared on Monday but Asian and European markets were mixed after Wall Street retreated from record highs.
Alibaba rocketed almost 20 percent following bumper results on Friday, including a surge in AI revenue. Its US-listed shares added 13 percent on Friday too.
Alibaba lifted the Hang Seng by two percent and Shanghai rose half a percent.
Other Asian indexes were in the red, however, with Japan's Nikkei off more than one percent as chip shares came under pressure.
Seoul's Kospi was also off even after South Korean data showed record monthly semiconductor exports in August despite growing pressure from US tariffs.
In Europe, London and Paris were higher in early trade but Frankfurt fell back. Oil prices edged up.
On Friday US stocks fell, with the Dow and S&P 500 retreating from record highs ahead of the long Labor Day weekend.
An acceleration of a key US inflation reading lowered prospects for sustained interest rate cuts by the Federal Reserve in the coming months.
Although a September cut of 25 points is probably still on the cards, "it may be hard for them to move as quickly or aggressively as they'd like, with inflation moving higher," said eToro analyst Bret Kenwell.
German inflation rose in August for the first time this year, data showed Friday, which could lessen the chances for further European Central Bank rate cuts too.
On tariffs, a US appeals court ruled Friday that President Donald Trump exceeded his authority in tapping emergency economic powers to impose wide-ranging duties.
The tariffs remained in place for now though, and hitting out at the ruling Trump said that "the United States of America will win in the end".
Japan's tariffs envoy cancelled a trip to Washington last week over plans for a presidential order including stepped-up Japanese purchases of US rice, the Nikkei reported.
Key figures at around 0700 GMT
Tokyo - Nikkei 225: DOWN 1.2 percent at 42,188.79
Hong Kong - Hang Seng Index: UP 2.0 percent at 25,671.78
Shanghai - Composite: UP 0.5 percent at 3,875.53
London - FTSE 100: UP 0.4 percent at 9,223.67
New York - Dow: DOWN 0.2 percent at 45,544.88 (close)
Euro/dollar: UP at $1.1722 from $1.1693 on Friday
Pound/dollar: UP at $1.3524 from $1.3507
Dollar/yen: UP at 147.05 from 147.01 yen
Euro/pound: UP at 86.67 pence from 86.56 pence
West Texas Intermediate: UP 0.4 percent at $64.24 per barrel
Brent North Sea Crude: UP 0.3 percent at $67.67 per barrel
Source: AFP
