LIVE MARKETS-Europe on the sidelines

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EUROPE ON THE SIDELINES

Europe's relative lack of big tech stocks has meant it's sat out most of the excitement of the first hour of trading.

The STOXX 600 is flat, while Nasdaq 100 futures are down 2%, with Amazon.com AMZN.O down 7.2% in premarket trading, and Intel INTC.O down 25%, both after results. .N

Google parent Alphabet posted a record selloff in the previous session, so it's quite the tech shakeout.

For Europe, that matters up to a point, the STOXX tech sub index is down 1.5%, but even there, losses in the chip complex, notably a 4.5% fall in ASML ASML.AS, have been tempered by gains in software stocks which often rally when AI names fall.

European consumer staples, healthcare and food and beverage stocks also often do well when chips are in trouble, and they're each up around 1.5%. .SXDP, .SXCSP, .SX3P

Earnings keep coming, and it's another fairly busy day for banks. Traders didn't think much of British lender NatWest's numbers, its shares are down 3.2% with worries about its net interest income.

(Alun John)

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