Broadcom Rise Set to Extend Wall Street Tech Rally – Europe Market Wrap

US equities futures indicated to a robust finish to the week on Wall Street, with a premarket rise in Broadcom driving gains throughout the whole chip industry complex.

Contracts on the Nasdaq 100 increased 0.7%, with Broadcom shares rising 15% as the company predicted a surge in demand for its artificial intelligence processors. If premarket gains continue, the stock will reach a new high, moving closer to a $1 trillion market capitalisation. Marvell, Micron, Nvidia, and Advanced Micro Devices all saw their stocks rise.

Stock markets are also anticipated to profit from an interest rate cut next week, with the Federal Reserve widely expected to reduce rates by a quarter percent. The S&P 500 has risen 27% this year.

Europe’s Stoxx 600 index fell 0.1% as investors remained disappointed by China’s lack of meaningful stimulus measures.

Weaker than expected GDP for the UK led to the pound weakening.

French Presidency Statement: Veteran centrist politician Bayrou named new French Prime Minister.