Asian shares slip on selling of tech stocks after a lackluster day on Wall Street

TOKYO (AP) — Asian shares were mostly lower Wednesday on selling of technology shares following a lackluster day on Wall Street.

U.S. futures edged higher, while crude oil prices rose about $1 a barrel.

Chinese markets retreated after U.S. President Donald Trump cast doubt on whether or not he will meet with Chinese leader Xi Jinping later this month.

“Maybe it won’t happen, maybe it won’t happen,” he said while hosting a lunch for Republican Party senators at the White House.

However, Trump also said he was expecting “to do well” in negotiations with China.

“I’m going to see President Xi in two weeks. … We’re going to meet in South Korea, ” he said. “We’re going to talk about a lot of things they want to discuss.”

Trump is traveling in the next several days to Japan and South Korea, in part, to finalize the terms of investments from those countries as part of an agreement to minimize the tariff rates Trump is charging on foreign goods.

Hong Kong’s Hang Seng dropped 1% to 25,769.83, while the Shanghai Composite index shed 0.3% to 3,903.01.

Japan’s benchmark Nikkei 225 wavered between slight gains and losses a day after its parliament chose Sanae Takaichi to be its first female prime minister.

It had gained less than 0.1% by midafternoon, to 49,332.24, pulled lower by declines for tech companies like SoftBank Corp., whose shares fell 4.8%.

The government reported that Japan’s exports grew 4.2% in September from a year earlier, boosted by robust shipments to Asia that offset a 13% decline in those destined for the U.S. Auto shipments fell 24% as they were hit hard by Trump’s tariff hikes.

Australia’s S&P/ASX 200 lost 0.9% to 9,012.30, while South Korea’s Kospi rose 1% to 3,861.65.

Tuesday on Wall Street, the S&P 500 inched up a fraction of a point, leaving it just slightly below its all-time high set earlier this month, at 6,735.35.

The Dow Jones Industrial Average rose 0.5% to 46,924.74 and the Nasdaq composite slipped 0.2% to 22,953.67.

General Motors rallied 15.1% after reporting stronger quarterly results than analysts expected, while also raising its forecasts for some full-year financial targets. Warner Bros. Discovery leaped 10.9% after the company said it’s now considering other options besides its previously announced split of Discovery Global off Warner Bros., which could be more profitable for shareholders.

Keeping the market in check were drops for some Big Tech stocks, which lost momentum following their own rallies. A 2% drop for Google’s parent company, Alphabet, from its all-time high was among the heaviest weights on the S&P 500. So was Broadcom’s 2% fall.

The pressure is on companies to show that their profits are growing following a torrid rally of 35% for the S&P 500 from a low in April. It’s one way they can justify their high stock prices amid criticism that they’re too expensive.

Corporate earnings reports also can provide details on the strength of the U.S. economy at a time when the U.S. government’s shutdown has delayed important economic updates. That’s making the job of the Federal Reserve more difficult, as it tries to decide whether high inflation or the slowing job market is the bigger issue for the economy.

Despite the shutdown, the Commerce Department will release its consumer prices report on Friday, which could help guide the Fed’s interest rate policy. It will be the government’s first data release since the shutdown began on Oct. 1.

In other dealings early Wednesday, the price of gold was up 1.1% at $4,152.70 per ounce. It fell 5.7% from its latest record on Tuesday but is up more than 56.4% for the year.

Benchmark U.S. crude oil rose 98 cents to $58.22 a barrel. Brent crude, the international standard, jumped $1 to $62.32 a barrel.

The U.S. dollar fell to 151.75 Japanese yen from 151.93 yen. The euro cost $1.1610, up from $1.1600.

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AP Business Writer Stan Choe contributed.