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[MARKET ANALYSIS] European bourses continue to rebound, NOKIA FH boosted following CSCO earnings; NVDA gains as US reportedly approves H200 chip exports to China

The rebound in European bourses, spurred by positive earnings from Cisco and gains in Nvidia following US approvals for chip exports to China, signals a renewed investor confidence in tech.

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[MARKET ANALYSIS] European bourses continue to rebound, NOKIA FH boosted following CSCO earnings; NVDA gains as US reportedly approves H200 chip exports to China

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  • A broadly positive start for European bourses (STOXX 600 +0.4%) to begin Thursday’s session. The DAX (+1.3%) is the clear outperformer, supported by Infineon and Rheinmetall while the FTSE 100 (+0.1%) underperforms, as 3i Group slumps after its FY total return missed estimates.
  • Sectors hold a positive bias. Tech tops the sector pile while Financial Services lies at the bottom. Newsflow surrounding European tech has been light, but gains in US-listed Cisco after-hours seem to have passed through to the broader tech area. Cisco reported earnings that beat EPS and revenue expectations while also issuing stronger-than-expected guidance.
  • A quieter day for European earnings. Telefonica, slightly missed revenue estimates but adj. EBITDA grew from a year earlier boosted by growth in Brazil and easing Spanish competition; Burberry, Q4 retail comp sales beat expectations; Watches of Switzerland, revenue surged 13% following strong US sales and gave strong revenue growth guidance.
  • US equity futures gain pre-market, further extending on ATHs. Initial upside in NQ futures came following reports that the US have approved around 10 Chinese firms to buy Nvidia H200 chips, and Nvidia shares have risen 2.6% pre-market as a result. Packed session ahead with Fed speak and US data, including Retail sales, Jobless claims and Import/Export prices slated. 
Context

This sentiment could bolster broader equity markets, particularly in tech-heavy sectors, and aligns with the upcoming Fed communications and important US economic data. Watch how this dynamic interacts with upcoming earnings and economic indicators as they could further influence market direction.

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