Seoul Gazette - Stocks slide despite end of US government shutdown

Investors had sought a boost after lawmakers in Washington voted to end the 43-day stoppage that closed key services and suspended the release of data crucial to gauging the state of the world's top economy.

But the main exchanges in Europe and on Wall Street were down across the board, following modest gains in Asia.

"While it's unclear whether the shutdown was ever a real drag on equities -- given that stocks largely rallied through it -- the question now is whether the market's recent exuberance has run its course," said Fawad Razaqzada, market analyst at StoneX.

London was pegged back after data showed the UK economy slowed in the third quarter, dealing another blow to the Labour government ahead of its annual budget this month.

- 'Overstretched' tech -

Investors are bracing for long-awaited economic reports as well that have been held up by the closure of vital services in the United States.

This comes particularly as the Federal Reserve assesses whether to cut interest rates further next month.

However, US National Economic Council director Kevin Hassett said figures on jobs for October would likely be incomplete as statistics agencies had been unable to collect the necessary data.

Concerns also mounted that this year's AI-led market rally may have pushed valuations too high and led to a bubble in the tech sector that could burst at any time.

"Big Tech valuations and big spending will remain front of mind for investors until Microsoft, for example, can say that AI-boosted software sales have exploded -- and that's not yet the case," said Ipek Ozkardeskaya, senior analyst at Swissquote bank.

Razaqzada said technology shares look "increasingly overvalued and overstretched" but he added it was "far too early to call a top in this cycle" as investors were still enthusiastic about artificial intelligence.

Oil prices advanced after plunging around four percent on Wednesday following OPEC's monthly crude market report, which forecast an oversupply in the third quarter.

Easing tensions in the Middle East and increased output by OPEC and other key producers have put the commodity's price under pressure.

- Key figures at around 2135 GMT -

New York - Dow: DOWN 1.7 percent at 47,457.22 points (close)

New York - S&P 500: DOWN 1.7 percent at 6,737.49 (close)

New York - Nasdaq Composite: DOWN 2.3 percent at 22,870.36 (close)

London - FTSE 100: DOWN 1.0 percent at 9,807.68 (close)

Paris - CAC 40: DOWN 0.1 percent at 8,232.49 (close)

Frankfurt - DAX: DOWN 1.4 percent at 24,042.91 (close)

Tokyo - Nikkei 225: UP 0.4 percent at 51,281.83 (close)

Hong Kong - Hang Seng Index: UP 0.6 percent at 27,073.03 (close)

Shanghai - Composite: UP 0.7 percent at 4,029.50 (close)

Dollar/yen: DOWN at 154.53 yen from 154.80 yen on Wednesday

Euro/dollar: UP at $1.1634 from $1.1587

Pound/dollar: UP at $1.3189 from $1.3129

Euro/pound: DOWN at 88.21 pence from 88.25 pence

Brent North Sea Crude: UP 0.5 percent at $63.01 per barrel

West Texas Intermediate: UP 0.3 percent at $58.69 per barrel

G.Seong--SG