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Bank of America analysts raised Soitec to buy from neutral, saying photonics should significantly expand the French semiconductor-materials maker's gross margin over the coming years. They see gross margin rising to 29% in fiscal 2027, 39% in fiscal 2028 and 44% in fiscal 2029.
European semiconductor shares fell as investors sold tech stocks with artificial-intelligence exposure. E-mini Nasdaq 100 futures also pointed lower, indicating weaker U.S. tech sentiment.
U.S. benchmark crude edged lower after the EIA reported a 3.2 million-barrel withdrawal in commercial crude oil stocks last week. Gasoline inventories rose 382,000 barrels and distillate stocks fell 42,000 barrels.
Shares of European semiconductor companies are in the red following a selloff in Asian chip stocks. South Korea's SK Hynix closed 2.8% lower, while Samsung Electronics shed 1.3%. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 1.7…
Major Asian, US and European stock indexes were lower, while bonds and the dollar were mixed. The report also showed Brent crude higher and gold at a more than seven-week low.
Asian markets advanced on Tuesday, led by technology stocks, as lower oil prices boosted sentiment and investors anticipated positive outcomes from US-Iran talks. The dollar held firm against the yen on expectations of further interest rate hikes.
The Nasdaq hit a record closing high, boosted by AI stocks, while falling oil prices and retreating Treasury yields improved risk sentiment. European shares rallied, led by banks and tech, and Asian markets were mixed, with Japan higher and China/Hong Kong up on hopes of a trade truce.
Global stocks rose, led by AI-linked tech shares, while oil fell on reports more supply was leaving the Gulf than previously thought. The note also listed closing levels for major equity, bond, currency and commodity markets.