European stocks trade steadily, Ericsson shines; tech stocks perform well

From Investing.com: 2024-10-15 03:07:44

European stock markets traded steadily on Tuesday, with gains in Germany but losses in France and the UK. Investors are eyeing the upcoming ECB meeting for potential monetary policy changes. Eurozone business activity contracted in September, leading to expectations of an interest rate cut. In the UK, unemployment unexpectedly fell.

Wall Street’s strong close boosted European markets, with tech and artificial intelligence stocks performing well. Nvidia’s stock reached a record high, making it close to being the world’s most valuable company. Bank of America, Goldman Sachs, Citigroup, and Nvidia are reporting earnings.

Ericsson’s stock rose after reporting strong earnings, driven by increased demand for 5G equipment in North America. LVMH will announce third-quarter revenue, highlighting the luxury sector’s reliance on Chinese stimulus. Oil prices fell sharply due to concerns over slowing Chinese demand growth and a decrease in oil imports.

Both Brent and WTI oil futures saw significant drops, continuing a downward trend. Weak demand fears were fueled by China’s declining oil imports and the IEA cutting its demand outlook. Traders also reacted to reports of Israel not attacking Iran’s oil and nuclear facilities, removing a supply disruption risk.



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