A look at the day ahead in European and global markets from Satoshi Sugiyama.
South Korea's Samsung Electronics (005930.KS) came out with a bang, forecasting an eye-popping 19-fold jump in second-quarter operating profit from a year earlier and topping its combined earnings over the past three years.
Yet investors still found reason to flinch: Samsung shares shed more than 8%, while South Korea's benchmark index dropped 6.7%, as traders questioned whether the AI demand fuelling those bumper earnings can keep delivering. Taking cues from South Korea, MSCI's broadest index of Asia-Pacific shares outside Japan (.MISX00000PUS) lost 1.7%.
The moves offer a cautionary tale of the volatility coursing through equity markets as the AI trade broadens beyond semiconductors and chip-equipment makers to energy groups, copper miners and lithium suppliers.
"Investors still want to be exposed, but they are very nervous about valuations," said Michael McCarthy, market strategist at Moomoo Australia.
In early European futures, pan-region Euro Stoxx 50 futures were down 0.34%, German DAX futures slipped 0.3% and FTSE futures were 0.15% higher. The S&P 500 e-minis were up 0.07%.
U.S. President Donald Trump will be in Turkey to attend a NATO leaders summit. Ahead of his arrival, European government leaders are planning to unveil arms deals worth tens of billions of dollars, showcasing their stepped-up commitment to regional defence.
In currencies, the yen gained 0.15% against the greenback to 161.83 per dollar, pulling back from the weaker side of 162, with traders still on guard for official intervention.
Key developments that could influence markets on Tuesday:
- Bank of England releases financial stability report
- German industrial output for May
- British Halifax housing data for June
- Canadian leading index for June, trade balance for May
- U.S. trade data for May
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