Labubu maker Pop Mart soars 12.5% in Hong Kong

Global shares were mostly lower yesterday, tracking a decline on Wall Street led by technology shares including Nvidia and other artificial-intelligence stars.

Futures for the S&P 500 and the Dow Jones Industrial Average were 0.2% lower.

In Asia, benchmarks fell in Japan, South Korea and Taiwan, weighed down by selling of shares in computer chip-related companies.

Tokyo’s benchmark Nikkei 225 declined 1.5% to close at 42,888.55.

Japan reported its exports fell slightly more than expected in July, down 2.6% from the same month a year ago, pressured by higher tariffs on goods shipped to the U.S. Imports also fell, dropping 7.5% from a year ago. Exports to the U.S. fell 10.1%, while imports slipped 0.8%.

Computer-chip equipment makers Advantest plunged 5.7% and Disco Corp. dropped 4.9%. Chip maker Tokyo Electron lost 1.4%. and Lasertec Corp. lost 1.7%.

The Taiex in Taiwan fell 3.0% after chip maker TSMC dropped 4.2%.

Hong Kong’s Hang Seng gained nearly 0.2% to 25,165.94, while the Shanghai Composite index gained 1.0% to 3,766.21 after China’s central bank opted to keep the benchmark interest rate unchanged, as markets had expected.

Chinese toy company Pop Mart International Group’s shares traded in Hong Kong soared 12.5% after its CEO said its annual revenue could top $4 billion this year, more than quadrupling after more than doubling in the first half of the year. Its CEO also announced that the company was releasing a mini version of its popular Labubu dolls.

Australia’s S&P/ASX 200 gained nearly 0.3% to 8,918.00.

South Korea’s Kospi dropped 0.7% to 3,130.09, after North Korean leader Kim Jong Un condemned South Korean-U.S. military drills that began this week. He vowed a rapid expansion of his nuclear forces to counter rivals, according to North Korean state media.

The week’s headliner for Wall Street is likely arriving on Friday. That’s when the chair of the Federal Reserve, Jerome Powell, will give a highly anticipated speech in Jackson Hole, Wyoming.

On Tuesday the S&P 500 fell 0.6% and the Dow gained less than 0.1%. The Nasdaq composite slumped 1.5%.

The heaviest weight on the market was Nvidia, whose chips are powering much of the move into AI. It sank 3.5%.

Another AI darling, Palantir Technologies, dropped 9.4% for the largest loss in the S&P 500. It’s seen bets build up sharply that its stock price will drop, according to S3 Partners. Only Meta Platforms has seen a bigger increase this year in what’s called “short interest,” where traders essentially bet a stock’s price will fall. Meta, the owner of Facebook and Instagram, sank 2.1%.

In other dealings, benchmark U.S. crude added 65 cents to $63.00 a barrel. Brent crude, the international standard, gained 68 cents to $66.47 a barrel.

The U.S. dollar edged down to 147.54 Japanese yen from 147.66 yen. The euro fell to $1.1640 from $1.1648. YURI KAGEYAMA, TOKYO