Chip stocks weigh on sentiment
London's FTSE 100 looks set to open 28 points lower this morning as AI jitters and a punishing week for global chip stocks continue to weigh on sentiment.
Asian markets were mixed overnight, with the MSCI Asia-Pacific index slipping around 0.3%, though stronger-than-expected Chinese growth data helped limit the damage.
China's economy expanded 4.5% year-on-year in the third quarter, nudging ahead of forecasts and boosting the chances that Beijing will hit its annual growth target.
Mainland Chinese equities recovered from earlier losses, while U.S. futures pointed higher.
Technology shares, however, remained under pressure after the Philadelphia Semiconductor Index fell 11.4% last week in its longest losing streak since 2008.
CoreWeave's debt load has emerged as a focal point of the selloff, with concerns about the cloud computing company's financing dragging on AI-linked stocks broadly.
The week's big test comes from US megacap earnings, with Netflix reporting on Tuesday and Tesla, Meta Platforms and IBM all due on Wednesday.
