Bangkok, Aug 27 (AP) World shares were mixed Wednesday ahead of an earnings update by computer chip giant Nvidia that may provide insights into the state and future of artificial intelligence.

Nvidia's financial results were due later in the day after trading ends in New York. Its quarterly report is expected to help clarify whether markets have been soaring on an overhyped AI bubble or on a technology boom in the making.

Germany's DAX edged 0.2% lower to 24,117.06, while the CAC 40 in Paris rose 0.4% to 7,741.15. Britain's FTSE 100 was barely changed at 9,269.36.

The futures for the S&P 500 and Dow Jones Industrial Average were little changed.

During Asian trading, Hong Kong's Hang Seng fell 1.3% to 25,201.76 and the Shanghai Composite index dropped 1.8% to 3,800.35. The Shanghai benchmark has been hitting record highs recently and investors likely were selling to lock in gains.

Also, the Chinese government said industrial profits fell 1.7% in January-July from a year earlier, although that was an improvement from a 2.8% drop in the first half of the year. In July, profits fell 1.5% year-on-year, it said.

Japan's Nikkei 225 rose 0.3% to 42,520.27.

In South Korea, the Kospi advanced 0.3% to 3,187.16.

Australia's S&P/ASX 200 was up 0.3% at 8,960.50.

Taiwan's Taiex climbed 0.9% after a top official said he did not expect any potential increases in US tariffs on computer chip exports to have a major impact on the export-dependent, high-tech manufacturing hub.

Taiwan Semiconductor Manufacturng Co, the world's largest contract chip maker, gained 1.4%.

In Bangkok the SET shed 0.3%.

Markets in India were closed for a public holiday, as 50% tariffs on exports to the United States took effect. The move by US President Donald Trump was expected to hit labour-intensive sectors like textile manufacturing especially hard.

On Wednesday, the S&P 500 closed 0.4% higher and the Dow industrials gained 0.3%. The Nasdaq added 0.4%.

A report Tuesday said consumer confidence declined modestly in August as anxiety over a weakening job market grew for the eighth straight month. The small decline from The Conference Board's monthly survey was mostly in line with economists' projections.

Wall Street notched big gains last week on hopes for interest rate cuts from the Federal Reserve.

But markets were subdued after Trump escalated his fight with the Federal Reserve by saying he's firing Federal Reserve Governor Lisa Cook. Cook's lawyer said she'll sue Trump's administration to try to stop him.

Trump has been feuding with the central bank over its cautious interest rate policy. The Fed has held rates steady since late 2024 over worries that Trump's unpredictable tariff policies will reignite inflation. Trump has also threatened to fire Fed Chair Jerome Powell, often taunting him with name-calling. Still, he is only one of 12 votes that decides interest rate policy.

Traders are still betting the Fed will trim its benchmark interest rate at its next meeting in September. Traders see an 87% chance that the central bank will cut the rate by a quarter of a percentage point, according to data from CME Group.

The Federal Reserve cut its benchmark interest rate in late 2024 after spending the last several years fighting rising inflation by raising interest rates. It managed to mostly tame inflation and avoided having those higher rates stall economic growth, thanks largely to strong consumer spending and a resilient job market.

The Fed hit the pause button heading into 2025 over concerns that higher tariffs imposed by Trump could reignite inflation. Lower interest rates make borrowing easier, helping to spur more investment and spending, but that could also potentially fuel inflation. However, concerns are deepening over the jobs market.

Friday will bring another update on inflation, the US personal consumption expenditures index. Economists expect it to show that inflation remained at about 2.6% in July, compared with a year ago. Businesses have been warning investors and consumers about higher costs and prices because of tariffs.

In other dealings early Wednesday, US benchmark crude oil shed 5 cents to $63.20 a barrel. Brent crude, the international standard, slipped 9 cents to $66.61 a barrel.

The US dollar rose to 148.06 Japanese yen from 147.43 yen. The euro fell to $1.1586 from $1.1643. (AP) SCY SCY

Export tariffs and trade policy shifts reshape market risk and may pressure central bank inflation and interest-rate decisions. The article focuses on the market effects of recent trade and regulatory actions: export tariffs on shipments to the United States that disproportionately affect labour intensive exporters; reported changes in industrial profits and export sensitivity in high technology hubs; and political actions targeting central bank officials that may influence central bank independence and interest rate policy. These trade and administrative developments are linked to inflation and growth expectations and thereby to market valuations and investor sentiment.