Sawt Falasteen - Stocks fluctuate after Wall St AI-fuelled sell-off

Shares in Danish pharmaceuticals group Novo Nordisk plunged around 18 percent in Copenhagen after the maker of Ozempic and Wegovy anti-obesity drugs warned of lower sales this year.

London's FTSE 100 index rose one percent, with drugmaker GSK gaining more than three percent after reporting a sharp rise in annual net profit.

Paris advanced, while Frankfurt dipped in midday deals.

Official data showed eurozone inflation eased below the European Central Bank's two-percent target in January, with the ECB expected to leave interest rates unchanged on Thursday.

The Bank of England is also expected to hold borrowing costs the same day.

"The dust settled on Wednesday after a dramatic session for tech-related stocks amid new AI disruption," said Dan Coatsworth, head of markets at AJ Bell.

Wall Street investors were spooked Tuesday by news that AI startup Anthropic -- which created the Claude chatbot -- had revealed a tool that could be used by firms to carry out legal work.

The announcement hit firms in the software, financial services and asset management industries.

Downbeat sales projections from Advanced Micro Devices compounded the darker mood.

"Investors fear the AI juggernaut will cut deeply into earnings as agents take over workflows and replace more traditional programmes," said Susannah Streeter, chief investment strategist at Wealth Club.

Shares in Hong Kong and Shanghai rose, while Tokyo slipped on Wednesday.

Precious metals rose for a second day, after tanking on Friday and Monday as US President Donald Trump's nomination of hawkish Kevin Warsh to head the Federal Reserve sent the dollar surging.

Gold traded back above $5,000 an ounce after posting its largest daily gain since 2008 on Tuesday.

Oil prices edged higher on a fresh pick-up in US-Iran tensions after an American jet shot down an Iranian drone in the Middle East, just as the two sides prepared to hold key nuclear talks.

Washington and Tehran agreed to talks despite Trump's repeated threat of military action against Iran -- and Iran's warning that it would respond with strikes on US vessels and bases.

Traders were cheered by news that Trump had signed into law a congressional spending bill to fund government agencies while buying more time for lawmakers to negotiate over the administration's controversial immigration crackdown.

In other corporate news, shares in gaming giant Nintendo tanked 11 percent -- its biggest loss in 18 months -- after releasing disappointing quarterly earnings and amid concerns about its profitability owing to a shortage of memory chips.

- Key figures at around 1115 GMT -

London - FTSE 100: UP 1.0 percent at 10,418.86 points

Paris - CAC 40: UP 0.9 percent at 8,251.95

Frankfurt - DAX: DOWN 0.2 percent at 24,730.56

Tokyo - Nikkei 225: DOWN 0.8 percent at 54,293.36 (close)

Hong Kong - Hang Seng Index: UP 0.1 percent at 26,847.32 (close)

Shanghai - Composite: UP 0.9 percent at 4,102.20 (close)

New York - Dow: DOWN 0.3 percent at 49,240.99 (close)

Euro/dollar: DOWN at $1.1810 from $1.1829 on Tuesday

Pound/dollar: UP at $1.3704 from $1.3701

Dollar/yen: UP at 156.83 yen from 155.74 yen

Euro/pound: DOWN at 86.19 pence from 86.30 pence

Brent North Sea Crude: UP 0.1 percent at $67.38 per barrel

West Texas Intermediate: UP 0.2 percent at $63.34 per barrel

H.Nasr--SF-PST