Live Markets: Crispy chips for breakfast, eyes on PCE
LIVE MARKETS-Crispy chips for breakfast, eyes on PCE Adds blog post
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CRISPY CHIPS FOR BREAKFAST, EYES ON PCE
Blowout results from Micron boosted confidence in the AI rally as Europe began a new trading day, giving a powerful lift to global chip stocks after this week’s bout of profit-taking raised concerns about stretched valuations.
Tech .SX8P rose more than 2%, leading sectoral gainers in Europe and providing the biggest boost to the region-wide STOXX 600 .STOXX index, which was up around 0.5% in morning deals on Thursday.
Shares in the U.S. memory chipmaker jumped 18% premarket, as semiconductor stocks across Asia and Europe rose sharply. Chip equipment maker ASML ASML.AS, Europe’s most valuable listed company, gained 4%, topping euro zone blue chips .STOXX50E.
Gains were partly capped by weakness in energy .SXEP as Brent crude erased all of its gains linked to the Iran conflict. In London, the commodity-heavy FTSE 100 .FTSE added 0.3%.
Attention now turns to U.S. PCE inflation, which is expected to show core prices rose 0.3% in May, putting the annual rate at 3.4%. A hotter-than-expected print could rekindle concerns about further Federal Reserve rate hikes.
Nasdaq futures rose around 2%.
(Danilo Masoni)
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EARLIER ON LIVE MARKETS:
BEFORE THE BELL: TECH LEADS EUROPE HIGHER, MORE M&A CLICK HERE
MICRON PUTS CHIPS BACK IN THE TABLE CLICK HERE