investingLive European markets wrap: Oil, precious metals drop; equities surge on Micron
Headlines:
- US futures hold higher as tech shares lead the charge after Micron earnings ease AI fears
- Oman reaffirms that future arrangements for Strait of Hormuz do not involve tolls
- Israel has pulled back from part of its buffer zone in southern Lebanon - US official
- USD/JPY struggles near the highest levels since 1986 amid intervention fears
- ECB policymaker Schnabel says further rate hikes will likely be needed
- BOJ policymaker Tamura says important for FX to move in a way reflecting fundamentals
- Germany's consumer climate sees moderate improvement going into July
- French consumer confidence sees slight improvement in June but still at subdued levels
- Spain Q1 GDP quarterly growth confirmed at 0.6%
Markets:
- S&P 500 futures up 0.6%, Nasdaq futures up 2.0%
- Micron shares up 16% in pre-market, Sandisk shares up 13% in pre-market
- WTI crude down 0.7% to $69.83
- USD leads, NZD lags on the day
- US 10-year yields up 1.7 bps to 4.42%
- Gold down 0.5% to $3,980
- Bitcoin up 0.5% to $61,186
It was a steadier session with markets very much just waiting on the blockbuster Wall Street open later after Micron earnings blew expectations out of the water.
The memory chipmaker is seeing shares climb over 16% in pre-market now and looks set to top the record high on Monday when the opening bell rings later.
That is setting the mood for equities with Asian shares surging higher for the most part. The Nikkei closed up by 4.6% and that's leading a more positive mood in Europe as well. Needless to say, US futures are benefiting with tech shares leading the charge. S&P 500 futures are up 0.6% while Nasdaq futures are up 2.0%.
In other markets, oil prices continue to squeeze lower with WTI crude dropping 0.7% to $69.83. The pressure comes despite some mixed signals on the Strait of Hormuz, with there not being any major pick up in crude oil tanker traffic just yet.
As for major currencies, things are little changed with USD/JPY the most notable as it keeps jumpy near the 2024 high around 161.95.
Looking to precious metals, the bleeding continues with gold dipping back below $4,000 and being down 0.5% to $3,980 on the day. Meanwhile, silver is down 0.3% to $57.25 as it hovers at the lows for the year now.
This article was written by Justin Low at investinglive.com.提供 MainLink:Investinglive RSS Breaking News Feed
