Global markets: tech stocks rise on Anthropic IPO optimism
European tech shares and Nasdaq futures advanced as Higher oil prices and multi-year highs in bond yields continued to weigh on markets.
3% higher, with chip stocks such as Micron and Advanced Micro Devices up about 1% in premarket trading. "Anthropic has really leapfrogged OpenAI and is really considered the market leader and there's a lot of excitement at the prospect of getting involved in the IPO," David Morrison, a senior market analyst at Trade Nation said. "Historically, tech has been so scalable and it doesn't rely on infrastructure. Now that's not the case anymore.
" Anthropic has also called for more AI regulation and that could be a key focus when US President Donald Trump meets with House Speaker Mike Johnson and tech executives, such as the AI lab's Dario Amodei and Meta's Mark Zuckerberg later in the day. Equities were trying to shake off the overhang from elevated bond yields in the face of the seven-month-old war in the Middle East and soaring debt issuance both from governments and global AI companies. September is set to mark one of the heaviest bond selloffs in heavily indebted European economies and the US in the past few years. 21% and were on track for their biggest monthly jump since 2024.
Sovereign yields are an anchor for global markets, a reference price for investing in riskier stocks and a benchmark for mortgages and corporate borrowing. Higher rates pile pressure on government, corporate and household budgets. However, analysts such as John Plassard, at Switzerland-based Cité Gestion, say strong employment, consumer spending, and AI capital expenditures are likely to prop up the US economy, potentially making it less sensitive to Federal Reserve interest rate hikes. 28 per dollar.
The dollar index, which tracks the US currency against a basket of six others, was poised for its first monthly gain since June. A US report on job openings in August is due later in the day and will kick off a number of key US economic data this week that will be key drivers for Federal Reserve monetary policy. 1% chance for a 25-basis-point hike in October, the CME Group's FedWatch Tool showed. 3 a barrel.
Elsewhere, Australia's central bank lifted rates to a 15-year high. However, the country's currency gave up some initial gains as some of the governor's comments were viewed as dovish. Gold prices struggled to recover from a more than seven-week low as higher yields limited the non-yielding asset's rise. 59 per ounce.
02. It has retreated roughly 4% from the more than seven-month high it hit earlier this month. com)