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European markets mixed as tech stocks sink on weak U.S. earnings

3 Mins Ago

Cautious open for Europe as tech stocks sink on U.S. earnings

The pan-European Stoxx 600 opened 0.2% lower on Thursday, with tech stocks dropping 2% on the back of weak earnings stateside, while mining stocks added 0.8%.

European tech stocks followed their U.S. counterparts lower in early trade. Nasdaq 100 futures slid in after-hours trading Wednesday evening as Netflix missed second-quarter earnings expectations, while Tesla CEO Elon Musk and other executives told an earnings call to expect a slowdown in vehicle production in the third quarter.

— Elliot Smith

An Hour Ago

German producer prices inch higher year on year in June

German producer prices rose by 0.1% year on year in June, the federal statistics office said Thursday, slightly exceeding analyst expectations of no annual change.

An Hour Ago

Here are the opening calls in Europe

Britain’s FTSE 100 is seen around 2 points higher at 7,590, Germany’s DAX is expected to open around 2 points lower at 16,107 and France’s CAC 40 is set to add around 5 points to 7,332.

— Elliot Smith

An Hour Ago

China state-owned banks buying yuan to slow declines: Reuters

China’s major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early trades on Thursday, Reuters reported.

Citing two people “with direct knowledge of the matter”, Reuters said one of the sources also revealed that such moves was meant to slow the pace of yuan declines.

The offshore yuan strengthened 0.66% on afternoon, trading at 7.1839 against the greenback.

4 Hours Ago

CNBC Pro: Goldman Sachs shares its top stock picks for China A.I. — and 2 are on its conviction list

Goldman Sachs named Chinese stocks it says are likely to benefit from developments in generative artificial intelligence — and two are on the bank’s conviction list of buy-rated names. 

In two research notes dated July 16, Goldman gave an overview of opportunities and risks created by generative AI and picked the stocks likely to benefit.

CNBC Pro subscribers can read more here.

— Lucy Handley

4 Hours Ago

CNBC Pro: ASML shares surged more than 30% this year. Here’s where Wall Street sees the stock going

Shares of ASML have soared this year on the buzz around semiconductor firms and artificial intelligence — its Netherlands-listed shares have jumped about 32% in the year to date, while its U.S.-listed ones have surged almost 40%.

But it’s facing a number of risks, including U.S.-China tensions.

Where will the stock go from here? CNBC Pro trawled through Wall Street research to find out.

CNBC Pro subscribers can read more here.

— Weizhen Tan

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