LIVE MARKETS-Before the bell: Micron soothes tech nerves, Europe mixed

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BEFORE THE BELL: MICRON SOOTHES TECH NERVES, EUROPE MIXED

European shares were set for a mixed start on Thursday as central bank meetings take centre stage and selling pressure on tech eased after AI angst hit Wall Street in one of the final sessions of a strong year for global stocks.

EuroSTOXX50, DAX and FTSE futures traded in a narrow range, between a rise and a fall of around 0.1%, while Nasdaq contracts added 0.4% following steep declines across the tech sector on Wednesday driven by fresh concerns about AI valuations.

Tech nerves were soothed by blowout earnings forecasts from Micron Technology MU.O, which projected Q2 adjusted profit at nearly double Wall Street expectations, as prices soar for memory chips amid booming demand from data centres.

Its Frankfurt-listed shares jumped almost 12%.

"The results confirm the memory cycle recovery is gaining traction... reassuring investors that Micron is benefiting from the AI boom," wrote Swissquote's Ipek Ozkardeskaya.

Later, attention turns to the European Central Bank, which looks set to keep its key rate at 2%, while expectations for the Bank of England point to a cut. Also on the agenda is the U.S. CPI for November, closely watched for clues about more Fed cuts next year.

In European company news, BP BP.L picked Meg O'Neill, the head of Woodside, as its next CEO to steer efforts to boost profits and refocus the group after its push into renewables. In M&A, BNP Paribas BNPP.PA is in exclusive talks to buy Mercedes-Benz's car-leasing subsidiary Athlon.

(Danilo Masoni)

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