Markets mixed as tech boosts US stock futures, Europe dips
Timilehin Adejumobi
1 min read
Global stock markets moved in opposite directions on Wednesday, as European investors responded to strain in the U.S. banking sector but Wall Street futures rose on bullish updates from Microsoft (MSFT.O) and Google parent Alphabet (GOOGL.O).
Europe’s STOXX 600 share index fell 0.9%, as regional banking stocks (.SX7E) dropped 1.7%.
MSCI’s broad index of global stocks (.MIWD00000PUS) was steady, as Asian markets outside of Japan (.MIAPJ0000PUS) ticked higher in line with rising Wall Street futures.
Shares in troubled San Francisco-based lender First Republic Bank (FRC.N) hit a record low on Tuesday as it disclosed a $100 billion plunge in deposits, reviving fears over smaller U.S. banks that began with Silicon Valley Bank’s collapse in March.
But ahead of quarterly results from Facebook parent Meta Platforms (META.O) later in the day, Nasdaq futures were up 1.2% on Wednesday morning in Europe and S&P 500 futures gained 0.3%.
Microsoft’s Frankfurt-listed shares rose 7.4% after its quarterly results, issued after the U.S. stock market closed on Tuesday, beat analysts’ forecasts. A $70 billion share buyback announced by Google parent Alphabet also looked set to insulate the mood on Wall Street from banking sector troubles.
This report’s information was first seen on REUTERS; to read more, click this link.
