Shares in Asia are mixed and Chinese markets fall despite Trump’s trade truce with Xi

MANILA Philippines AP Asian shares are mixed after the U S stock arena sank from record heights as Wall Street sifted through various developments such as transaction relations with China and profits of Big Tech giants U S futures advanced and oil prices fell President Donald Trump hailed his talk Thursday with China s leader Xi Jinping but major tensions remain between the world s two largest economies Japan s Nikkei index jumped to touching fresh records after input indicated industrial production rose month-on-month in September beating arena expectations and rebounding from a drop the previous month In Chinese markets Hong Kong s Hang Seng index shed to and the Shanghai Composite index slipped to Details distributed Friday indicated factory activity in China contracted in October for a seventh straight month The official NBS Manufacturing PMI fell to from in September South Korea s Kospi rose to while Australia s S P ASX added to Taiwan s Taiex gained On Thursday the S P fell to pulling further from its all-time high set on Tuesday The Dow Jones Industrial Average slipped to The Nasdaq composite dropped from its record set the day before closing at Stock markets elsewhere in the world were mixed coming off a highly anticipated meeting between the leaders of the world s two largest economies Trump rated his meeting with Xi as a on a scale of zero to saying he would cut tariffs But stocks had already run to records on expectations for potentially bigger improvements in pact friction between Beijing and Washington Earnings of Big Tech companies were also feeling the pressure of high hopes Meta Platforms dropped cutting into what had been a jump for the year so far It was the heaviest weight on the S P Analysts explained investors were likely perturbed by how much Facebook s parent company stated it s planning to spend in Companies across the industry have been on an commitment spree to build out their artificial-intelligence capabilities and the concern is whether it will all pay off There are moments in industry history when capital stops behaving like money and starts acting like obsession when spending becomes the strategy not the consequence That s exactly where we are now with artificial intelligence Stephen Innes of SPI Asset Management mentioned in a commentary Microsoft sank even though it published stronger profit and revenue for the latest quarter than analysts expected Analysts pointed to how it also expects to spend more on investments in than in while advancement for its Azure business may have fallen a bit short of specific investors expectations On the winning side of Big Tech was Alphabet Shares of Google s parent company climbed after its profit and revenue for the latest quarter easily topped analysts expectations How such companies do matters incredibly for investors The trio of Alphabet Meta and Microsoft alone account for of the total value of all the companies in the S P index which dictates the movements for multiple k accounts That means movements for them and a handful of other Big Tech companies can easily overshadow what hundreds of other stocks are doing In other dealings early Friday benchmark U S crude oil shed cents to per barrel Brent crude the international standard lost cents to The U S dollar fell to Japanese yen from yen The euro rose to from AP Business Writers Stan Choe and Matt Ott contributed Source