Global Markets Rise on AI Chip Demand  11/11 04:47

   World shares were mostly higher Wednesday after a retreat on Wall Street as 
U.S. inflation rose higher than expected in October, while U.S. futures edged 
higher and oil prices rose.

   HONG KONG (AP) -- World shares were mostly higher Wednesday after a retreat 
on Wall Street as U.S. inflation rose higher than expected in October, while 
U.S. futures edged higher and oil prices rose.

   In early European trading, Germany's DAX rose 1% to 26,621.01 after 
inflation fell to 2.8% in October from a year earlier, according to the federal 
statistics office on Wednesday.

   The CAC 40 in Paris picked up 0.6% to 8,331.94. Britain's FTSE 100 added 
0.7% to 10,825.97.

   The future for the S&P 500 rose 0.6% and that for the Dow Jones Industrial 
Average gained 0.2%.

   In Asia, Taiwan led the regional markets as its benchmark Taiex rose 3.6%.

   Taiwan Semiconductor Manufacturing Co., or TSMC, climbed 3.1% after the AI 
chipmaker reported its October revenue was nearly sixfold higher than a year 
earlier, showing that demand for AI chips remains solid.

   TSMC's board also approved up to $1 billion in investment in Anthropic and 
OpenAI, according to a company statement Tuesday.

   Japan's benchmark Nikkei 225 advanced 1.3% to 61,248.59. SoftBank Group's 
shares pared losses to close 0.4% lower as the investment giant reported a 
quarterly net loss of 1.1 trillion yen ($7 billion) on Tuesday after markets 
closed.

   South Korea's Kospi was up 2.4% to 5,365.75. Chipmaker Samsung Electronics 
gained 3.4% and SK Hynix jumped 5.4%.

   In Hong Kong, the Hang Seng fell 1.1% to 24,296.22, while the Shanghai 
Composite index recovered 0.5% to 3,680.64.

   China's biggest online shopping festival, Singles Day, began Wednesday. Its 
sales data will offer a gauge of consumer demand in the world's second-largest 
economy.

   Australia's S&P/ASX 200 edged 0.3% higher at 9,153.20.

   India's Sensex rallied 0.9%, reaching its highest level in six months.

   On Tuesday, the S&P 500 slipped 0.4% and gave back some of its big rally 
from the day before. The Dow Jones Industrial Average dropped 0.3%, and the 
Nasdaq composite sank 0.7%.

   Pressure from the bond market undercut stocks following the discouraging 
report on inflation. People had to pay prices for groceries, electricity and 
other costs of living that were higher in October than economists expected. 
That could push the Federal Reserve to hike its main interest rate at its next 
meeting in December.

   One Fed official hinted the central bank may increase the federal funds rate 
by double the typical amount in December because of how high inflation has 
remained for years.

   The yield on the 10-year Treasury leaped to 4.99% from 4.88% late Monday. It 
was a notable move for the bond market and the yield helps set where rates are 
for mortgages and other loans going to U.S. households and businesses.

   Tuesday's jump in yields came even though oil prices fell again. The price 
for a barrel of Brent crude oil fell 1.2% to $91.49. U.S. President Donald 
Trump said late Monday that the war in Iran, which sent oil prices much higher, 
"militarily is effectively over."

   The single heaviest weight on the S&P 500 was Nvidia, which fell 5.5%. The 
chip designer has been under pressure since the company's board announced an 
investigation into its CEO, Jensen Huang, following revelations of his affair 
with a purported Chinese spy. Trump said the FBI is investigating the affair, 
which Huang has acknowledged and apologized for.

   Recent shakiness of stocks related to the artificial-intelligence industry 
has raised questions about whether Anthropic, the company behind the Claude 
chatbot, may delay its initial public offering of stock.

   But Anthropic said in a filing with U.S. regulators on Tuesday that the 
company is seeking a valuation of roughly $1.3 trillion. That would make it one 
of the most valuable companies on Wall Street, worth more than Walmart, 
JPMorgan Chase, ExxonMobil or Coca-Cola.

   The U.S. bond market will be closed on Wednesday for Veterans Day, while the 
stock markets remain open.

   In other dealings Wednesday, the price of Brent crude, the international 
standard, rose 0.2% to $91.71 a barrel. U.S. benchmark crude oil gained 0.1% to 
$86.12 per barrel.

   The U.S. dollar rose to 158.88 Japanese yen from 158.70 yen. The euro fell 
to $1.1150 from $1.1171.