LIVE MARKETS-Before the bell: more profit-taking in tech, Novo slides

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BEFORE THE BELL: MORE PROFIT-TAKING IN TECH, NOVO SLIDES

An steep equity selloff in Asia, where traders booked profits from the region's tech leaders, was set to put pressure on the European open on Wednesday, with futures contracts pointing to another day of losses, as concerns over stretched valuations mount.

Profit-taking saw US chipmaker AMD AMD.O drop more than 4% at the Frankfurt open, even as the company forecast revenue above market estimates, betting on a data-centre infrastructure build-out to boost demand for its AI chips.

The intensity of the selloff appeared to ease, though, with Nasdaq futures down just 0.3%, a day after logging a 2% loss as talk of a possible correction grew following a slide in highly valued Palantir PLTR.O despite strong guidance.

EuroSTOXX, DAX and FTSE futures were down between 0.3-0.7%.

In Europe, drugmaker Novo Nordisk NOVOb.CO lowered its profit forecast, dealing a blow to its new CEO amid a restructuring drive to regain lost ground in the fierce obesity drug market battle. Its shares, already halved in value this year, were last down more than 2% in Frankfurt.

Other corporate highlights:

• BMW boosts third-quarter profit margin for cars as EV investments ebb

• Wind turbine maker Vestas third-quarter operating profit beats expectations

• TotalEnergies forecasts rising oil demand until 2040 as energy transition slows

• Barry Callebaut forecasts further sales volume decline

• Jewellery maker Pandora cuts sales growth forecast

Finally U.S. President Donald Trump said on Tuesday he met with representatives from Switzerland to discuss trade, among other topics.

(Danilo Masoni)

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