Stock market today: Global markets trade mixed as China shares surge

[February 21, 2025]  By YURI KAGEYAMA

TOKYO (AP) — Global markets were mixed on Friday amid a surge in China led by Alibaba stock, as euphoria continued over DeepSeek’s potential in the artificial intelligence sector.

France's CAC 40 rose 0.2% in early trading to 8,141.52, while Germany's DAX dipped 0.3% to 22,283.89. Britain's FTSE 100 fell less than 0.1% to 8,656.31. U.S. shares were set to drift lower, with Dow futures inching up nearly 0.1% to 44,301.00. The S&P 500 futures were virtually unchanged, inching down less than 0.1% to 6,135.25.

In Japan, where investors were watching currency swings, the benchmark Nikkei 225 edged up 0.3% to finish at 38,776.94.

A weak yen is a boon for some export-reliant manufacturers in Japan. In currency trading, the U.S. dollar rose to 150.42 Japanese yen from 149.53 yen. The euro cost $1.0482, down from $1.0500.

Japan's government released the nationwide core consumer price index, excluding volatile fresh food prices, which rose 3.2% in January from the same month last year.

The inflation rate is key in the Bank of Japan's decision on interest rates, and the rate has remained at or above the central bank's target of 2% inflation. Last month, the Bank of Japan raised its key policy rate to 0.5% from 0.25%.

“A variety of factors have market expectations pivoting toward rate hikes: recent hawkish comments from BoJ officials; stronger-than-expected GDP data; and a rising CPI,” said Min Joo Kang, senior economist at ING Economics.

Australia's S&P/ASX 200 shed 0.3% to 8,296.20, while South Korea's Kospi was little changed, adding less than 0.1% to 2,654.58. Hong Kong's Hang Seng jumped 4.0% to 23,477.92, boosted by a surge in shares of Alibaba, which reported robust financial results.

A person walks in front of an electronic stock board showing New York Dow, left, and Japan's Nikkei indexes at a securities firm in Tokyo Friday, Feb. 21, 2025. (AP Photo/Eugene Hoshiko)

Chinese e-commerce firm Alibaba Group Holding posted its fastest revenue growth in more than a year, beating analyst expectations as it capitalizes on the artificial intelligence boom in China. Alibaba's net profit jumped to 48.9 billion yuan, or $6.71 billion, in figures released Thursday.

Alibaba’s New York-traded stock rose 8.1% following the earnings results. Chief Executive Eddie Wu said Alibaba plans to “aggressively invest” in artificial intelligence and cloud computing infrastructure.

Chinese technology companies are attracting global attention after DeepSeek recently released a new AI model that it says is on par with similar models from U.S. companies such as ChatGPT-maker OpenAI.

The Shanghai Composite gained 0.9% to 3,379.11.

In energy trading, benchmark U.S. crude fell 58 cents to $71.90 a barrel. Brent crude, the international standard, lost 57 cents to $75.91 a barrel.

___

AP Business Writer Stan Choe in New York contributed.

All contents © copyright 2025 Associated Press. All rights reserved