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Global Market: European Shares Slip as Tech Stocks Drag; ECB Policy Decision in Focus
- On Thursday, European shares fell as chip stocks slid and Nestle tumbled nearly 7%, heading for its biggest one-day decline since July 2002, while the pan-European STOXX 600 index dropped 0.5% to 643.56 points.
- Investor sentiment toward tech stocks remained mixed as U.S. hyperscalers like Alphabet faced scrutiny for rising AI spending, with semiconductors experiencing drag from positioning unwinds despite decent earnings.
- STMicroelectronics dropped 13% after forecasting third-quarter revenue below expectations, while Nestle's decline came despite raising full-year organic sales outlook and planning to raise about $3.43 billion from selling water and premium beverages assets.
- Energy stocks gained 1.6% as Brent crude climbed above $96 a barrel following U.S. strikes on Iran and Houthi attacks on Red Sea oil tankers, while the European Central Bank is expected to hold rates steady.
- Despite geopolitical tensions as U.S. intelligence investigates potential Russian-Iranian coordination in strikes on CIA facilities in the Gulf, BlackRock maintains a pro-risk stance on U.S. equities, noting that "earnings growth still comfortably outpaces the rising cost of capital," while Asian markets mostly advanced.
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The stock market opened lower. Investor sentiment dampened as U.S. stock markets fell across the board amid growing concerns over Big Tech's investments in artificial intelligence (AI), amidst soaring international oil prices driven by worsening tensions in the Middle East. On the 24th, the KOSPI index opened at 7,000.78, down 96.11 points (1.35%) from the previous trading day. The decline widened immediately after the opening, causing the index…
Government bond yields rose in line with oil prices. Wall Street is watching developments in the Middle East. The post Dow Jones collapses due to oil, Alphabet and Tesla fall appeared first on in.gr.
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Coverage Details
Total News Sources46
Leaning Left4Leaning Right8Center6Last UpdatedBias Distribution45% Right
Bias Distribution
- 45% of the sources lean Right
45% Right
L 22%
C 33%
R 45%
Factuality
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