SINGAPORE/NEW YORK - Global stocks eased on Thursday, halting a rally sparked by US President Donald Trump's mammoth spending plans for artificial intelligence infrastructure as some of that excitement fizzled out.

Stock futures pointed to a negative open in Europe and the US, with EUROSTOXX 50 futures falling 0.23 percent. FTSE futures eased 0.3 percent.

Nasdaq futures lost 0.17 percent, while S&P 500 futures slipped 0.09 percent.

Trump's announcement of a $500 billion private-sector AI infrastructure investment plan from a venture involving Oracle, OpenAI and SoftBank late on Tuesday had initially turbocharged a rally in global share markets, which drew further support from upbeat earnings results.

Those developments initially overshadowed concerns over Trump's plans for tariffs, sending the pan-European STOXX 600 to a record high in the previous session along with Wall Street's S&P 500.

"Clearly, the path of least resistance continues to lead to the upside in the equity space, with participants ably shrugging off tariff-related uncertainties for now," said Michael Brown, senior research strategist at Pepperstone.

"That said, next week brings a chunky slate of event risk, including the first FOMC decision of the year, as well as earnings from megacaps... It wouldn't be too surprising to see some equity longs trimmed into that bonanza."

MSCI's broadest index of Asia-Pacific shares outside Japan was similarly on track to snap a seven-day winning streak on Thursday and was last 0.15 percent lower.

Japan's Nikkei gained 0.8 percent. Shares of SoftBank jumped 5 percent, with the company having come under the spotlight due to the Stargate AI joint venture.

The Information reported on Wednesday that OpenAI and Japanese conglomerate SoftBank will each commit $19 billion to fund the project.

Tariff threats

Moves in currencies were largely subdued on Thursday after a volatile few sessions since Trump's return to the White House, owing to his plans around tariffs.

Adding to his threats on Chinese imports, Trump also said Mexico and Canada could face levies of around 25 percent by Feb 1.

Similarly, he promised duties on European imports, without elaborating further.

Still, investors cheered that tariffs had not been imposed immediately, which left the dollar broadly on the back foot.

The US dollar index, which measures the currency against six others, languished near a two-week low of 108.26.

The euro was little changed at $1.0408, while sterling last bought $1.2318.

China's yuan dipped slightly to 7.2812 per dollar in the onshore market.

"The threat of tariffs continues to hang over markets, but the rapidly declining half life of headlines shows you the market is already numb to the shenanigans," said Brent Donnelly, president at Spectra Markets.

Ahead of the Bank of Japan's policy decision on Friday, the dollar rose to a one-week high against the yen at 156.76. Markets have already fully priced in a 25-basis-point rate hike at the conclusion of the meeting.

Norges Bank will announce its rate decision later on Thursday, where expectations are for Norway's central bank to stand pat.

In commodities, oil prices eased, pressured in part by concerns over how Trump's proposed tariffs could affect global economic growth and demand for energy.

Brent crude fell 0.41 percent to $78.68 a barrel, while US crude slipped 0.45 percent to $75.10 per barrel.

Spot gold was steady at $2,754.49 an ounce.