European Stocks Bounce Back From Tech-Driven Slump: Markets Wrap

Commuters cross a street in Shinjuku district in Tokyo, Japan.

(Bloomberg) -- European stocks staged a rebound from the technology-driven selloff in shares, setting a steady tone at the start of a month that is historically weak for markets.

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The Stoxx 600 rose 0.3% as a gauge for the region’s tech stocks held steady after Friday’s tumble. Asian stocks traded mixed as chipmakers slumped after the US pulled waivers letting Samsung Electronics Co. and SK Hynix Inc. use US tech in China. S&P 500 and Nasdaq 100 futures were little changed, with cash trading in US stocks and Treasuries closed for the Labor Day holiday.

Silver surged above $40 an ounce for the first time since 2011, while gold rose closer to an all-time high as optimism grew for an interest-rate cut by the Federal Reserve this month.

The next few weeks will give Wall Street a clear reading on whether the record-break stock market rally will continue, or if it’s doomed to get derailed. Jobs reports, a key inflation reading and the Fed’s rate decision all hit over the next 14 trading sessions, setting the tone for investors as they return from summer vacations.

“As far as the US market is concerned, the focus is clearly on job and inflation data and how this will influence the pricing of further Fed cuts,” said Alexandre Baradez, chief market analyst at IG in Paris.

Corporate News:

Equinor ASA said it intends to subscribe for new shares in wind developer Orsted A/S, the first major investor after the Danish government to back the sale. OpenAI is seeking to build a massive new data center in India that could mark a major step forward in Asia for its Stargate-branded artificial intelligence infrastructure push. CapVest Partners is nearing a deal to acquire Stada Arzneimittel AG for around €10 billion ($11.7 billion) including debt, potentially ending the long-running saga to sell the German drugmaker, according to people familiar with the matter. Alibaba Group Holding Ltd.’s stock leapt more than 18% after reporting a surge in revenue from AI, underscoring the steady progress it’s making against rivals in a post-DeepSeek Chinese development frenzy. BYD Co. shares fell after reporting a staggering 30% plunge in quarterly profit last Friday, its first decline in over three years, it’s become clear that not even dominant players are safe in the cutthroat battle for market share.

Story Continues

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.4% as of 8:33 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index was little changed The MSCI Emerging Markets Index rose 0.6%

Currencies

The Bloomberg Dollar Spot Index was little changed The euro rose 0.3% to $1.1718 The Japanese yen was little changed at 147.15 per dollar The offshore yuan was little changed at 7.1292 per dollar The British pound rose 0.1% to $1.3518

Cryptocurrencies

Bitcoin fell 0.4% to $108,679.5 Ether fell 0.7% to $4,422.51

Bonds

The yield on 10-year Treasuries was little changed at 4.23% Germany’s 10-year yield advanced three basis points to 2.76% Britain’s 10-year yield advanced three basis points to 4.75%

Commodities

Brent crude rose 0.4% to $67.77 a barrel Spot gold rose 0.7% to $3,471.48 an ounce

This story was produced with the assistance of Bloomberg Automation.

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