On Thursday morning, European stock markets went up, mostly because the major AI chip company, Nvidia, reported strong results, which eased investor worries about the AI industry. However, there is still some uncertainty about Nvidia’s future business in China.
The pan-European STOXX 600 .STOXX was up 0.3% at 556.53.
This news led to mixed results for other European chip companies, as Nvidia’s forecast, while still very good, wasn’t as spectacular as some investors had hoped. Individual stocks such as ASML and BESI edged lower while ASM international rose around 1%.
Overall, it was a positive start to the day for many European businesses, with the food delivery company Delivery Hero and the drinks maker Pernod Ricard seeing their stock prices rise 3.8% and 4% respectively after reporting good earnings.
The French stock market also recovered some of its losses from earlier in the week with the CAC 40 index up 0.7%. The losses earlier this week had been caused by political instability in the country.
On the FX front, the euro’s value remained stable against the US dollar today at about $1.16. This follows a good period for the euro, which has been getting stronger for the last three weeks and is now up 2% for the month of August.
Meanwhile, the US dollar was generally weaker against other currencies. This is because most traders now believe that US interest rates will be cut next month. As an example of the dollar’s weakness, its value fell 0.2% against the Japanese yen with the pair trading around 147.13 at the time of writing.
Currency Power Balance