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

By Reuters News

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com.

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)

EARLIER LIVE MARKETS POSTS

MARKET PICKS COREWEAVE AS AI ROUT DEEPENS CLICK HERE

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.