Equities: AI earnings revive risk appetite after tech weakness - Deutsche Bank
Deutsche Bank strategists note that United States (US) equities had a mixed session as Magnificent 7 weakness weighed on the S&P 500, even as the equal-weighted index reached a fresh record.
Deutsche Bank strategists observed a mixed session for US equities, with the S&P 500 initially down -0.32% due to weakness in the Magnificent 7, but later rebounding as stronger earnings from CoreWeave and Super Micro Computer boosted sentiment. The equal-weighted S&P 500 set a new record high. European indices also showed modest gains, with the STOXX 600 posting its seventh consecutive gain in over a year.
In Asia, major indices such as the KOSPI, Nikkei, CSI 300, and Shanghai Comp rose, although the Hang Seng fell. USD/JPY retested the August monthly swing low, while AUD/USD held steady near its highest level in over a month. Gold dipped below $4,500 amid a slight rise in the US Dollar, and the US Nonfarm Payrolls report is expected to provide insights into the Federal Reserve's policy direction.
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