LIVE MARKETS-Europe before the bell: futures mostly higher after DeepSeek wobble

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EUROPE BEFORE THE BELL: FUTURES MOSTLY HIGHER AFTER DEEPSEEK WOBBLE

Equity futures in Europe are edging up on Tuesday after the selling pressure following the recent launch of low-cost AI model DeepSeek eased.

DeepSeek's launch led to a rout in AI bellwethers and the broader market on Monday, as investors questioned some of the lofty valuations and recent gains of technology stocks and those building AI infrastructure.

Nvidia NVDA.O, the poster child of AI that has propelled U.S. equity markets since the launch of ChatGPT in late 2022, tumbled 17% on Monday, wiping $593 billion off its market value, marking the biggest one-day loss in market cap for any company.

Tech stocks across the globe were affected. In Europe, semiconductors ASML ASML.AS, ASM International ASMI.AS and BE Semi BESI.AS all dropped between 12.9%-14.8% on Monday.

But so far, European shares look steadier. Euro STOXX 50 STXEc1 futures are up about 0.2%. Futures on the DAX FDXc1, FTSE FFIc1 and CAC FCEc1 are flat to up 0.5%.

Wall Street EScv1, NQcv1 futures are also inching up, after the tech-heavy Nasdaq .NDX slid 3% on Monday, its biggest one-day drop since Dec. 18.

In corporate news, SAP SAPG.DE , Europe's third-largest company by market value, said it was more optimistic about financial results this year due to accelerating growth in revenue from cloud computing.

(Samuel Indyk)

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