Asia-Pacific markets traded mixed on Wednesday, after Wall Street fell overnight as investors weighed the latest OPEC developments as well as a report that pointed to weakness in OpenAI.
The United Arab Emirates will quit OPEC on May 1, a major blow to the cartel that coordinates production among many of the world’s biggest oil producers, particularly those in the Middle East.
Optimism around tech stocks fell after the Wall Street Journal reported that OpenAI’s revenue and new user growth fell short of its own targets. The report adds that CFO Sarah Friar has told the firm’s leadership that she is concerned that OpenAI may not be able to pay for computing contracts in the future if its revenue does not expand quickly enough, SEEbiz reports.
South Korea’s Kospi lost 0.39%, while the small-cap Kosdaq traded flat. In Australia, the S&P/ASX 200 fell 0.28%.
Hong Kong’s Hang Seng added 1.2%, while mainland China’s CSI 300 fell 0.26%.
Japanese markets were closed for the holiday.
