Europe struggles to shake off tech rout, silver savaged again
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STORY: World stocks dropped again on Thursday (February 5) as they struggled to shake off a tech rout.Asian markets slumped, although European bourses saw a relatively level start.The region's tech stocks bounced roughly 2% following a 7% fall over the last two sessions.Investors have grown concerned about the rising costs of the AI boom for tech companies.Google-parent Alphabet shocked markets Wednesday with a capex spending plan of as much as $185 billion this year.That was 55% more than analysts expected.The update sent its shares down over 6% for a while.It also followed a 17% plunge in chipmaker AMD's stock to continue a massive tech selloff.It's wiped out almost $850 billion of market value this month.Investors will look out for further earnings from tech giant Amazon later ThursdayWhile Europe also gets ready for a busy day of central bank meetings.Both the European Central Bank and Bank of England are expected to hold their rates steady.Elsewhere, precious metals also dived on Thursday to end two days of gains after last week's huge declines.Silver endured a 14% crash in the metals markets before scaling back somewhat.Gold was also down around 1.5%.
📄 Summary
STORY: World stocks dropped again on Thursday (February 5) as they struggled to shake off a tech rout.Asian markets slumped, although European bourses saw a relatively level start.The region's tech stocks bounced roughly 2% following a 7% fall over the last two sessions.Investors have grown concerned about the rising costs of the AI boom for tech companies.Google-parent Alphabet shocked markets Wednesday with a capex spending plan of as much as $185 billion this year.That was 55% more than analysts expected.The update sent its shares down over 6% for a while.It also followed a 17% plunge in chipmaker AMD's stock to continue a massive tech selloff.It's wiped out almost $850 billion of market value this month.Investors will look out for further earnings from tech giant Amazon later ThursdayWhile Europe also gets ready for a busy day of central bank meetings.Both the European Central Bank and Bank of England are expected to hold their rates steady.Elsewhere, precious metals also dived on Thursday to end two days of gains after last week's huge declines.Silver endured a 14% crash in the metals markets before scaling back somewhat.Gold was also down around 1.5%.