Live Markets: Before the bell: Europe soft ahead of Micron after tech rout
LIVE MARKETS-Before the bell: Europe soft ahead of Micron after tech rout Adds blog post
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BEFORE THE BELL: EUROPE SOFT AHEAD OF MICRON AFTER TECH ROUT
European shares are set for a cautious start on Wednesday as investors grapple with a fragile global tech backdrop.
EURO STOXX 50, DAX and FTSE futures are down 0.1–0.3%, following a tentative bounce in Asia, while Wall Street futures steady after Tuesday’s selloff, with Nasdaq contracts up 0.5%. Sentiment remains shaped by volatility after a sharp rotation out of technology stocks ahead of results from U.S. memory chipmaker Micron MU.O. Investors are watching those earnings for signs that demand for AI infrastructure can support elevated valuations, after the S&P 500 .SPX fell over 1% despite most constituents rising - the first time this year, underscoring pressure on heavyweight tech names. In early European trade indications, semiconductors lead gains, mirroring a tentative rebound in Asia. ASML ASML.AS, Infineon IFXGn.DE and BE Semi BESI.AS advance, supported by a bounce in South Korea’s Kospi and strength in memory names such as SK Hynix 000660.KS. Micron rose 3% on Tradegate after Tuesday’s 13% drop.
Elsewhere, Rheinmetall RHMG.DE slips premarket after reports Germany may scrap plans for a frigate programme, while Deutsche Post DHLn.DE declines on a negative read-across from FedEx FDX.N, whose margins disappointed despite a profit beat.
In M&A, Segro SGRO.L rejected an all-share takeover proposal from U.S. logistics group Prologis PLD.N that valued the British warehouse landlord at about $16.6 billion, implying a 24.7% premium to Tuesday’s close. Oil services contractors Subsea7 SUBC.OL and Saipem SPMI.MI are set for early gains after Brazil’s antitrust watchdog approved their proposed merger without restrictions.
(Danilo Masoni)
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