European Futures Rise Ahead of U.S. Inflation Data

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Employees work at the Tokyo Stock Exchange, operated by Japan Exchange Group Inc., in Tokyo, Japan, on Dec. 28, 2018. Photo: Bloomberg

(Bloomberg) — European futures and Asian stocks gained, as the tech sector led a risk-on rally ahead of key U.S. data that may signal easing price pressures.

The Euro Stoxx 50 contract advanced 0.2%, as a rally in the world’s largest tech stocks lifted global shares to record highs. The dollar fell against most major currencies ahead of the inflation data that might raise the chance of Federal Reserve interest-rate cuts, while U.S. stock futures were steady.

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European futures and Asian stocks increased, driven by the tech sector, while global shares hit record highs.
Key U.S. inflation data may lead to Federal Reserve interest-rate cuts, with swaps predicting two cuts in 2024.
S&P 500 and Nasdaq 100 rose over 1%, while oil and gold prices also climbed amid positive market sentiment.

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Who’s Who

Taiwan Semiconductor Manufacturing Co.: Taiwan Semiconductor Manufacturing Co. (TSMC) traded at record levels following a report that second-quarter sales grew at the fastest pace since 2022. TSMC is the sole supplier of Nvidia Corp. and Apple Inc.'s most advanced chips, contributing significantly to the rally in the regional stock index.

Sony Group Corp.: Sony Group Corp. was among the top contributors to the climb in the regional stock index in Asia. The article highlights a rally in the tech sector, focusing on companies like Taiwan Semiconductor Manufacturing Co. and SK Hynix Inc., with Sony also playing a significant role in the overall positive market movement.

Tencent Holdings Ltd.: Tencent Holdings Ltd. was one of the top contributors to the climb in the regional stock index in Asia. This came amid a tech sector-led rally, with major tech stocks boosting global shares to record highs ahead of key U.S. inflation data.

SK Hynix Inc.: SK Hynix Inc., a Korean chipmaker, traded at its highest levels since 2000, contributing significantly to the rise in the regional stock index. The company's positive performance is part of a broader rally in tech stocks, which includes prominent names like Sony Group Corp. and Tencent Holdings Ltd.

Apple Inc.: Apple Inc. aims to ship 10% more new devices after a challenging 2023. The company contributed to gains in the S&P 500 and Nasdaq 100, both of which advanced more than 1% overnight.

Nvidia Corp.: Nvidia Corp.'s shares were a key driver in the overnight gains of the S&P 500 and Nasdaq 100, each increasing by over 1%. Taiwan Semiconductor Manufacturing Co., Nvidia's sole supplier of its most advanced chips, reported second-quarter sales growth at record levels since 2022. This highlights Nvidia's ongoing influence in the tech sector's rally.

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