Asian shares trade mixed after Wall Street rally despite Iran war worries

TOKYO: (May 12) (AP) Asian shares traded mixed early Tuesday as optimism encouraged by a record rally on Wall Street clashed with anxiety about surging oil prices and a possible AI bubble.

Japan’s benchmark Nikkei 225 added 0.7 per cent to 62,881.03. South Korea’s Kospi dropped 1.2 per cent to 7,726.30, in what analysts are categorising as fallout from overreliance on fraying AI hopes.

“Global equities remain dangerously dependent on a tiny cluster of AI leaders, creating a rally structure that looks powerful on the surface but increasingly fragile underneath,” said Stephen Innes, analyst with SPI Asset Management.