- China opens $71 bn 'swap facility' to boost markets
- Mets advance on Lindor grand slam, Yankees and Tigers win
- Taiwan President Lai vows to 'resist annexation' of island
- China's solar goes from supremacy to oversupply
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Zelensky on whirlwind tour of Europe ahead of US vote
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Lindor powers Mets past Phillies into NL Championship Series
- Wildlife populations plunge 73% since 1970: WWF
- 'Sleeper agent' bots on X fuel US election misinformation, study says
- Death toll rises to 109 after Haiti gang attack, official says
- Tigers beat Guardians and on brink of advancing in MLB playoffs
- Argentina MPs back Milei's veto of university funding
- Man City sink Barca in Women's Champions League as Bayern outgun Arsenal
- Greek international Baldock, 31, found dead in pool: state agency
- Florida seaside haven a ghost town as hurricane nears
- Pharrell Williams to co-chair Met Gala exploring Black dandyism
- Wall Street indices hit fresh records as Chinese shares tumble
- Taiwan's president to deliver key speech for National Day
- Sea row on the menu as ASEAN leaders meet China's Li
- Injured Kane won't start England's Nations League clash with Greece
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Mozambique starts tallying votes in tense election
- Zelensky moves to court European leaders in drive for military aid
- Ratan Tata: Indian mogul who built a global powerhouse
- Rodgers rejects 'false' suggestions of role in Saleh dismissal
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Lebanon facing 'catastrophic' situation as 600,000 displaced: UN
- US warns Israel not to repeat Gaza destruction in Lebanon
- Musk's X returns in Brazil after 40-day showdown with judge
- Call her savvy? Harris unleashes unconventional media blitz
- Lucian Freud 'masterpiece' fetches £13.9 million at London sale
- SoFi Stadium to hold next two CONCACAF Nations League finals
- McIlroy and DeChambeau set for PGA-LIV 'Showdown' in Vegas
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Run blitz edges India and South Africa closer to World Cup semi-finals
- Zelensky to court European leaders in drive for military aid
- Israel captain says 'difficult' to focus on football in time of war
- Macron to host Ukraine's Zelensky after meeting Ukrainian troops
- Root says 'many more to get' after England Test runs landmark
- India pile up World Cup high to rout Sri Lanka
- One year later, Israeli hostage family learns of loss
- Texans receiver Collins, Pats' safety Peppers out for NFL clash
Stocks fall as tech shares sink, US economy slows
London's stock market reached a new record high but Wall Street and eurozone equities tumbled Thursday as tech shares sank after Meta signalled an AI spending spree and data showed slower US economic growth.
The US growth figures surprised analysts who have been reassured by robust US labour and retail sales data, prompting a resumption of selling that has taken hold of the market in April.
US gross domestic product grew 1.6 percent in the first quarter, much slower than anticipated as consumer spending and exports decelerated.
"The GDP miss likely took investors off-guard -- particularly with how solid some of this year's economic reports have been and with strength in the labour market," said Bret Kenwell, US investment analyst at eToro trading platform.
"It's not necessarily a report to panic over, but it's one to pay attention to," Kenwell said.
The surprising slowdown could lead the US Federal Reserve, however, to cut interest rates sooner than expected, said Richard Flax, chief investment officer at Moneyfarm.
"Today's data might just be the signal the Fed was looking for to start considering rate cuts as the economy appears to cool," Flax said.
The tech-heavy Nasdaq shed two percent in morning deals, with shares in Meta, owner of Facebook and Instagram, plunging by almost 14 percent.
Meta reported soaring quarterly profits on Wednesday but worried investors by announcing that it expects spending between $35 billion to $40 billion -- more than previously forecast -- due to investments in artificial intelligence.
Shares in Microsoft and Google owner Alphabet, which will publish earnings after markets close, were down more than four percent in morning trading.
Stocks had mostly enjoyed broad gains earlier this week on optimism that earnings from some of the world's biggest companies -- particularly in the tech sector -- would show that profits remained strong even amid stubbornly high inflation and elevated interest rates.
The Dow, the broad-based S&P 500, the Paris CAC 40 and the Frankfurt DAX were all down more than 1.5 percent.
- London record -
London's benchmark FTSE 100 index bucked the trend as it struck 8,102.14 points, reaching an all-time high for a third session running.
The stock exchange was up 0.07 percent in afternoon trading at 8,045.61 points.
Shares in mining group Anglo American soared 13 percent after news of a $38.8 billion takeover bid by rival BHP.
"The FTSE 100 is having the time of its life as takeovers continue to power the market," said Russ Mould, investment director at AJ Bell.
"BHP's move on Anglo American has got investors excited at who else in the blue-chip UK stock index might be next for a bid."
Well-received earnings sent share prices jumping for other British companies, including drugmaker AstraZeneca, lender Barclays and consumer goods firm Unilever.
Traders also kept an eye on Japan as the yen wallowed at a fresh three-decade low above 155 per dollar, a level many observers saw as likely to see authorities intervene in currency markets.
- Key figures around 1400 GMT -
New York - Dow: DOWN 1.7 percent at 37,799.78 points
New York - S&P 500: DOWN 1.5 percent at 4,996.81
New York - Nasdaq Composite: DOWN 2.0 percent at 15,402.71
London - FTSE 100: UP 0.1 percent at 8,045.61
Paris - CAC 40: DOWN 1.6 percent at 7,965.31
Frankfurt - DAX: DOWN 1.5 percent at 17,816.79
EURO STOXX 50: DOWN 1.7 percent at 4,907.34
Tokyo - Nikkei 225: DOWN 2.2 percent at 37,628.48 (close)
Hong Kong - Hang Seng Index: UP 0.5 percent at 17,284.54 (close)
Shanghai - Composite: UP 0.3 percent at 3,052.90 (close)
Dollar/yen: UP at 155.62 yen from 155.31 yen on Wednesday
Euro/dollar: UP at $1.0708 from $1.0701
Pound/dollar: UP at $1.2480 from $1.2461
Euro/pound: DOWN at 85.81 pence from 85.85 pence
Brent North Sea Crude: DOWN 0.3 percent at $87.75 per barrel
West Texas Intermediate: DOWN 0.4 percent at $82.46 per barrel
burs-lth/cw
X.Karnes--AMWN