A European chipmaker exceeded expectations with its fourth-quarter net sales and profit, fueled by a significant surge in net bookings. This positive performance comes despite concerns about the impact of a low-cost AI model on spending in the sector. Meanwhile, European stocks recovered from a global sell-off triggered by AI anxieties in China, and investors await the Federal Reserve's interest rate decision.
A European chipmaker reported better-than-expected net sales and profit for the fourth quarter. Net bookings, a key indicator of order demand, surged 169% from the previous quarter, signaling strong demand for its advanced chipmaking tools. This positive performance comes amidst concerns over the impact of DeepSeek's low-cost AI model on spending in the sector. The company's CEO, Christophe Fouquet, will be interviewed on CNBC's 'Squawk Box Europe' shortly after 7 a.m. London time.
Investors are also awaiting other key economic data releases, including Germany's GfK consumer confidence, Spain's latest quarterly gross domestic product data, and Italian business and consumer confidence data.European stocks closed higher on Tuesday, rebounding from a global market sell-off triggered by anxieties surrounding a potential AI breakthrough in China. This sell-off saw the market value of a major chipmaker plummet by nearly $600 billion. On Wall Street, anticipation is building for the Federal Reserve's interest rate decision on Wednesday. Fed funds futures data indicate a near-certainty (nearly 100%) that the central bank will maintain rates steady within a target range of 4.25% to 4.50%. However, the Fed's decision and Chair Jerome Powell's subsequent press conference will be scrutinized for further insights into the future trajectory of interest rates this year. Meanwhile, economists at Capital Economics suggest that if the recent weakness in Big Tech continues, broad stock market indexes could face challenges in 2025. However, they anticipate that the average stock will likely perform relatively well.
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