LIVE MARKETS-Before the bell: Europe isn't a hiding place

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BEFORE THE BELL: EUROPE ISN'T A HIDING PLACE

Europe managed to sit out of the previous day's AI driven selloff, but it's struggling to on Thursday, a sign that when so much of the economy is tied to data centre building, few hiding places are very good.

Euro STOXX 50 futures are down 0.9% though Nasdaq futures are down over 1% and Korea's chip heavy KOSPI fell another 7.5%, so Europe is doing better in comparison.

Tech light FTSE futures are flat.

Markets have been busy while Europe's been asleep as a strong US CPI print was followed by growing worries about the AI trade.

The Philly semiconductor index fell 4.3%, posting a 6th consecutive decline, which Deutsche Bank says is the first time in over a year, and leaves the index down -11.6% over those 6 sessions.

Complicating the picture, mind you, AI chip giant TSMC 2330.TW posted a 69% jump in third-quarter net profit to a record T$763.1 billion ($23.59 billion) on Thursday, beating market forecasts.

Eyes at the European open will obviously be on tech and data centre builders, though more earnings are coming in.

TotalEnergies TTEF.PA for example expects its refining margins to have nearly quadrupled in the third quarter compared to last year.

Nordea, NDAFI.HE the Nordic region's biggest bank said its its operating profit fell 4% in the third quarter, coming in below expectations.

(Alun John)

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