European markets opened lower on Tuesday (November 18th) as global markets weakened amid renewed concerns over AI-related stocks.
The pan-European Stoxx 600 was trading nearly 1.2% lower shortly after the opening bell on Tuesday
The UK's FTSE 500 index was down 1% as of 8:06 a.m. in London (3:06 a.m. Eastern time), with Germany's DAX down 1.34%, France's CAC 40 down 1.32%, and Italy's FTSE MIB down 1.44% in early trading.
European regional markets followed their global peers into the red after losses in the technology sector dragged Wall Street lower on Monday, with all three major US indexes closing in the red. The 30-stock Dow Jones Industrial Average plunged more than 550 points, or 1.2%, while the S&P 500 and Nasdaq Composite each fell about 0.9%.
Amundi
saw a 2.4% drop in early trading. The French investment management giant said on Tuesday that it is expanding its presence in private markets by acquiring a nearly 10% stake in global private equity firm and alternative asset manager, Intermediate Capital Group.
Novo Nordisk
fell 1.3% in morning trading after the Danish pharmaceutical company said it would accelerate plans to lower the monthly price of its obesity injection Wegovy in the US from $499 to $349. The price reduction had been scheduled to begin in January under a previous agreement with US President Donald Trump.
Investors in the United States are awaiting pending jobs data this week as well as Nvidia's latest earnings report, due on Wednesday.
The chipmaker, whose shares fell 2% yesterday, has been at the center of debate about the strength of this year's artificial intelligence-fueled market rally.
Concerns are growing about weak market coverage, expensive technology valuations, and healthy AI fundamentals due to a surge in Big Tech bond offerings and the rapid depreciation of AI chips.
Asia-Pacific markets weakened overnight, while US stock index futures were little changed.
In Europe on Tuesday, earnings reports came from Siemens Energy and Imperial Brands. There were no major data releases. (alg)
Source: CNBC.com
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