World shares were mostly higher on Wednesday as investors awaited Nvidia's quarterly profit report and an update on the U.S. economy. European markets saw gains, with Germany's DAX rising 1.3%, the CAC 40 in Paris jumping 1.1%, and Britain's FTSE 100 gaining 0.6%. Futures for the S&P 500 and Dow Jones Industrial Average were also up.
The U.S. Commerce Department was set to release its final estimate of the fourth-quarter 2024 U.S. economic performance. Despite recent weaker economic reports, the economy remains solid, although momentum has slowed.
In Asian trading, Chinese markets led gains, driven by strong buying of technology shares. Hong Kong's Hang Seng surged 3.4%, while the Shanghai Composite index added 0.8%. Shares of companies like Meituan, Alibaba, Tencent Holdings, and Baidu saw significant increases.
In Japan, the Nikkei 225 index fell 0.3%, while the Kospi in Seoul rose 0.4%. Australia's S&P/ASX 200 declined slightly, and Taiwan's Taiex gained 0.5%. Thailand's SET was up 0.9%.
On Wall Street, the S&P 500 and Nasdaq composite fell, while the Dow industrials rose. Tesla and Nvidia experienced notable declines. Nvidia is set to release its earnings report following competition in the AI industry.
Consumer sentiment in the U.S. turned pessimistic, with concerns about the future economy outweighing current conditions. This shift in sentiment could impact spending and potentially lead to a recession.
Bitcoin was trading around $89,000, while U.S. benchmark crude oil remained stable at $68.93 per barrel. Brent crude dropped to $72.45 per barrel. The dollar strengthened against the Japanese yen but weakened against the euro.
