The Fort Worth Press - Stocks mixed tracking AI concerns, as oil rises on tanker attack

Seoul once again led losses in Asian stocks as Samsung's share price tumbled despite the South Korean chip giant's eye-watering rise in profit, stoking fears that the record-breaking AI-fuelled rally may have reached the end of the road.

The "ugly reaction to exceptional Samsung earnings is a reminder that, in richly valued markets, meeting expectations is no longer enough", noted Ipek Ozkardeskaya, senior analyst at Swissquote bank.

Samsung said it expected to post a jump in second-quarter operating profit of more than 1,800 percent thanks to sustained demand for memory chips seen as essential to help power the world's thirst for artificial intelligence.

However, the company's shares tumbled by as much as 10 percent at one point before ending with a loss of more than six percent.

Seoul's Kospi index finished down nearly five percent.

Samsung's update came at the start of a much-anticipated earnings season that will be closely followed for an idea about firms' outlooks for AI in light of huge sector investment.

"Strong earnings are no longer enough," wrote Saxo Markets' Charu Chanana.

"For AI-linked stocks, the market now wants strong earnings, strong guidance and clear evidence that pricing power can last."

She added: "Investors are not paying for what has already happened. They are paying for what happens next."

There were losses also for the tech-heavy Tokyo stock market as well as Hong Kong, Shanghai, Sydney, Taipei and Bangkok.

However, Singapore, Manila, Jakarta and Mumbai all gained.

London and Paris rose, while Frankfurt dropped approaching the half-way stage in Europe.

Elsewhere, oil prices climbed about one percent after British maritime security agency UKMTO said an "unknown projectile" had struck and caused a fire on an oil tanker off the coast of Oman near the Strait of Hormuz on Monday.

The incident occurred near one of the world's most important energy shipping routes, despite a ceasefire between the United States and Iran and efforts to secure a lasting peace agreement.

Traders were meanwhile awaiting the release of minutes from the Federal Reserve's most recent policy meeting, hoping for fresh clues about its plans for potential US interest-rate rises as it tries to battle elevated inflation.

- Key figures around 1045 GMT -

London - FTSE 100: UP 0.2 percent at 10,675.23 points

Paris - CAC 40: UP 0.2 percent at 8,495.13

Frankfurt - DAX: DOWN 0.6 percent at 25,656.01

Seoul - Kospi: DOWN 4.9 percent at 7,656.31 (close)

Tokyo - Nikkei 225: DOWN 2.1 percent at 68,256.96 (close)

Hong Kong - Hang Seng Index: DOWN 0.5 percent at 23,496.89 (close)

Shanghai - Composite: DOWN 1.3 percent at 3,990.24 (close)

New York - Dow: UP 0.3 percent at 53,055.91 (close)

Brent North Sea Crude: UP 1.1 percent at $72.78 a barrel

West Texas Intermediate: UP 1.0 percent at $69.20 a barrel

Euro/dollar: DOWN at $1.1430 from $1.1442

Pound/dollar: DOWN at $1.3383 from $1.3392

Dollar/yen: DOWN at 161.92 yen from 162.04 yen on Monday

Euro/pound: DOWN at 85.41 pence from 85.43 pence

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C.Dean--TFWP