U.S. tech sell-off gathers pace while Europe equities nose-dive
Tech stocks continue to sell off Stateside while Europe’s Stoxx 600 ends yesterday’s session at a one-month low and the DAX plunges to its lowest level since June. Chip giant Nvidia results are due after the bell today with analysts anticipating a sharp rise in sales amid any signs of an A.I. bubble. President Trump hosts Saudi Arabia’s Crown Prince Mohammed bin Salman at the White House, calling the Kingdom ‘a major non-NATO ally’. Trump also struck an optimistic tone regarding the expansion of the Abraham Accords to foster stability in the Middle East. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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European stocks slump as global sell-off gathers pace
European markets are sharply in the red amid an accelerating global sell-off. Investors are now awaiting economic data prints Stateside following the recent re-opening of the federal government. Big technology stocks remain under pressure as fears of A.I. over-valuations show no signs of abating. In crypto news, Bitcoin sees its gains for the year wiped out and there are concerns a bigger rout still lies ahead. The European Commission hikes its growth forecast for the year despite predictions that government deficits are set to rise over the next few years. European Economy Commissioner Valdis Dombrovskis warns CNBC any downturn in markets would knock investor confidence in the bloc.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Nvidia numbers and U.S. payrolls in focus
The Nasdaq ends a second consecutive week in the red with investors awaiting Nvidia results and a delayed U.S. jobs print later this week. German finance minister Lars Klingbeil is in Beijing for talks with Vice Premier He Lifeng to reassess economic ties between the two countries. Switzerland is eyeing major U.S. investments after the Trump administration cut tariffs down to 15 per cent. USTR Jaimeson Greer says the EU’s tariffs on U.S. goods remain too high and the bloc was slow in cutting back levies. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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A.I. valuations continue to rattle U.S. markets
A sell-off in the Nasdaq and several major tech firms continues to fuel investor concerns over A.I. valuations while hopes of an interest rate cut by the Fed’s December now only stand at 50 per cent. UK Chancellor Rachel Reeves is reportedly now set to scrap her manifesto-breaking plan to hike income tax after all as voter and party anger swells. Siemens Energy posts FY adjusted profit of 600 per cent and boosts its guidance with A.I. data centres continuing to drive energy demand. CEO Christian Bruch tells CNBC his company is well positioned to meet the needs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Trump signs off on end to record U.S. government shutdown
President Trump signs a new Federal funding package to end the 43-day government shutdown – the longest in U.S. history. Trump has railed against the Democrats over the $1tn cost involved during the delay to passing the bill. In Europe, the Stoxx600 passes another milestone with benchmarks across the Continent rallying, including the FTSE 100 which nears the 10,000-mark. German engineering giant Siemens posts record net income for the third consecutive year but falls short of expectations with quarterly profits down and the firm set to slash its $39bn stake in Siemens Healthineers.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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