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US futures, world shares slip as worries over Trump's Fed chief pick and AI weigh on markets
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....S futures, world shares slip as worries over Trump's Fed chief pick and AI weigh on markets<BR>PTI News<BR>Dated:- 2-2-2026<BR>PTI<BR>Bangkok, Feb 2 (AP) US futures and world shares skidded on Monday as worries over President Donald Trump's nominee to be the next Federal Reserve chair amplified jitters over a possible bubble in the artificial intelligence boom. South Korea's exchange, which is h....
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....eavily influenced by tech-related developments, briefly suspended trading as its benchmark Kospi bounced, closing 5.3 per cent lower at 4,949.67. Samsung Electronics gave up 6.3 per cent, while chip maker SK Hynix sank 8.7 per cent. The Kospi has been forging records for weeks as big tech companies piggybacked on the AI craze with deals with major players like chip maker Nvidia and OpenAI. In ....
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....early European trading, Germany's DAX edged less than 0.1 per cent lower to 24,528.57. The CAC 40 in Paris shed 0.2 per cent to 8,108.56, while Britain's FTSE 100 declined 0.3 per cent to 10,195.88. The future for the S&P 500 sank 0.7 per cent, while that for the Dow Jones Industrial Average fell 0.4 per cent. Markets took a hit as investors considered how Kevin Warsh, Trump's nominee to lead ....
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....the Federal Reserve after Fed Chair Jerome Powell's term ends in May might handle interest rates. Warsh's nomination requires Senate approval. But financial markets fear the Fed may lose some of its independence because of Trump, who has pushed hard for more and faster rate cuts. That fear has helped catapult skyward the price of gold and weaken the US dollar's value over the last year. “Peo....
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....ple do not get handed the keys to the most powerful central bank on earth because they plan to drive in the opposite direction of the people who gave them the keys,” Stephen Innes of SPI Asset Management said in a commentary. Early Monday, the price of gold fell 1.9 per cent, while silver bounced back slightly, gaining 0.2 per cent. Both plunged Friday as record runs in precious metals markets....
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.... ground to a halt. On Friday, the price of gold dropped 11.4 per cent, suddenly losing momentum after a tremendous rally where it roughly doubled over 12 months. It topped USD 5,000 for the first time on Jan. 26 and was around USD 5,600 at one point on Thursday. Silver, which had been on a similar, jaw-dropping tear, plunged 31.4 per cent. US benchmark crude oil lost USD 3.46 to USD 61.75 pe....
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....r barrel, while Brent crude, the international standard, fell USD 3.47 to USD 65.85 per barrel. Speaking to reporters during the weekend, Trump said Iran should negotiate a “satisfactory” deal to prevent the Middle Eastern country from getting any nuclear weapons. “I don't know that they will. But they are talking to us. Seriously talking to us,” he said. That comment apparently assu....
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....aged some worries over potential disruptions to oil supplies that had pushed prices higher, analysts said. In Tokyo, the Nikkei 225 gave up early gains, sinking 1.3 per cent to 52,655.18. Hong Kong's Hang Seng dropped 2.2 per cent to 26,775.57, while the Shanghai Composite index sank 2.5 per cent to 4,015.75. In Australia, the S&P/ASX 200 fell 1 per cent to 8,778.60. Taiwan's Taiex lost 1.....
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....4 per cent. On Friday, the S&P 500 dropped 0.4 per cent and the Dow lost 0.4 per cent. The Nasdaq composite lost 0.9 per cent. The Fed chair has a big influence on the economy and markets worldwide by helping to dictate where the US central bank moves interest rates. That affects prices for all kinds of investments, as the Fed tries to keep the US job market humming without letting inflation g....
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....et out of control. A report released Friday showed US inflation at the wholesale level was hotter last month than economists expected. That could put pressure on the Fed to keep interest rates steady for a while instead of cutting them, as it did late last year. The longtime assumption has been that the Fed should operate separately from the rest of Washington so that it can make moves that ar....
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....e painful in the short term but necessary for the long term. To get inflation down to the Fed's goal of 2 per cent, for example, may require the unpopular choice to keep interest rates high and grind down on the economy for a while. In other action early Monday, the dollar fell to 154.88 Japanese yen from 154.94 yen. The euro was unchanged at USD 1.1853. (AP) SKS SKS<BR> News - Press release - P....
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