Global stocks struggle but tech shares lifted by AI

  • 📰 manilabulletin
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Global stock markets wobbled Thursday as the US debt standoff dragged on and Germany entered recession, but tech shares surged after US chip firm Nvidia reported bumper earnings thanks to the AI boom. ManilaBulletin

Analysts cited heightened worries about a possible US debt default after ratings agency Fitch placed the country's AAA-ranked credit on "rating watch negative" amid the stalled talks on raising the US debt ceiling.

Clifford Bennett, chief economist at ACY Securities, warned the stakes are high in the event of a default. On Thursday US President Joe Biden expressed confidence about the talks, saying "there will be no default" and that talks with House Speaker Kevin McCarthy had been "productive." "While many will see this contraction as a warning sign that Europe's largest economy will drag the region lower, the optimists will also look at these figures as a sign that higher rates are cooling consumption which will ultimately drive inflation lower."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 25. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines