Il Nuovo Postiglione - Stocks slip as investors weigh earnings, tariffs

Wall Street's tech-heavy Nasdaq and broad-based S&P 500 opened lower, retreating from gains in the previous day after fears of an AI bubble shook the markets earlier this week.

Asian markets closed higher but Europe's main indexes were down in afternoon deals.

"The week began with doubts cast over the future returns on investments made in Artificial General Intelligence (AGI)," said David Morrison, analyst at Trade Nation.

"Not only are the sums involved quite mind-boggling, but there are also concerns over the circularity of much of the investment," he said.

The more than month-long US government shutdown was also in focus, as US officials said they were cutting 10 percent of flight capacity in 40 busy airports.

Analyst said jobs data on Wednesday had helped to improve the mood on trading floors.

Jobs growth in the US private sector soared past analysts' expectations in October, payroll firm ADP said, providing one of the few economic indicators in recent weeks as official data has been delayed due to the US government shutdown.

Investors were also digesting news that a majority of the US Supreme Court was sceptical about the legality behind a swath of Trump's sweeping tariffs, which also lent support to equities.

"Is it good news? Paradoxically, not really," said Swissquote Bank senior analyst Ipek Ozkardeskaya.

"It brings uncertainty, renewed volatility, potentially more than $100 billion in refunds the US government may owe to other countries according to Bloomberg, and a deeper fiscal deficit," she said.

Investors were also reacting to the Bank of England's decision, in a tight vote, to keep its key interest rate unchanged before the UK's Labour government presents its budget this month.

Four of the nine governors had voted to lower borrowing costs.

A cut would likely have eased pressure on Prime Minister Keir Starmer's Labour government after finance minister Rachel Reeves on Tuesday paved the way for controversial tax hikes in her November 26 budget.

Weighing on European sentiment were some poorly received company earnings and official data that showed industrial production in Germany rebounded less than expected in September.

Shares in Hikma Pharmaceuticals slumped 11 percent on London's top-tier FTSE 100 index after the company lowered its profit forecast.

Franco-Dutch group Air France-KLM plunged more than 13 percent after it reported a drop in third-quarter net profit.

In New York, shares in chip-maker Qualcomm fell despite a positive earnings report.

Tesla shareholders, meanwhile, were due to decide on a pay package for Elon Musk that could reach as much as $1 trillion.

And the European Union on Thursday announced a formal antitrust probe against stock exchange operators Nasdaq and Deutsche Boerse over "possible collusion" involving financial derivatives.

- Key figures at around 1330 GMT -

New York - Dow: FLAT at 47,325.11 points

New York - S&P 500: DOWN 0.1 percent at 6,789.83

New York - Nasdaq Composite: DOWN 0.3 percent at 23,431.85

London - FTSE 100: DOWN 0.2 percent at 9,762.53

Paris - CAC 40: DOWN 0.8 percent at 8,010.21

Frankfurt - DAX: DOWN 0.3 percent at 23.968.14

Tokyo - Nikkei 225: UP 1.3 percent at 50,883.68 (close)

Hong Kong - Hang Seng Index: UP 2.1 percent at 26,485.90 (close)

Shanghai - Composite: UP 1.0 percent at 4,007.76 (close)

Euro/dollar: UP at $1.1528 from $1.1488 on Wednesday

Pound/dollar: UP at $1.3091 from $1.3048

Dollar/yen: DOWN at 153.57 yen from 154.13 yen

Euro/pound: DOWN at 88.04 pence from 88.40 pence

Brent North Sea Crude: DOWN 0.6 percent at $63.17 per barrel

West Texas Intermediate: DOWN 0.6 percent at $59.25 per barrel

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D.Ricci--INP