European Stocks Bounce Back From Tech-Driven Slump: Markets Wrap

Sydney’s New Airport Will Take Travelers Into the Wild

The Stoxx 600 advanced 0.3% as a gauge of the region’s tech stocks held steady. Asian stocks traded mixed, with a 19% surge in Alibaba Group Holding Ltd. contrasting with a slump in chipmaking shares. S&P 500 and Nasdaq 100 futures were little changed, with cash trading in US stocks and Treasuries closed for the Labor Day holiday.

In commodity markets, silver rose above $40 an ounce for the first time since 2011. Gold inched closer to an all-time high as optimism grew for an interest rate cut by the Federal Reserve this month.

Wall Street’s rally to all-time highs faces a crucial stretch, with jobs numbers, inflation data and the Fed’s rate call all landing within the next three weeks. The flurry of events will help determine whether stocks can extend gains or lose momentum as traders navigate what is historically the weakest month of the year for US markets.

“As far as the US market is concerned, the focus is clearly on job and inflation data and how this will influence the pricing of further Fed cuts,” said Alexandre Baradez, chief market analyst at IG in Paris.

Elsewhere, Indonesian stocks tumbled the most in nearly five months as political risks flared, with President Prabowo Subianto canceling a China trip after deadly unrest over living costs and inequality. Stress also was evident in the bond market, with yields on the nation’s 10-year government note rising to the highest in almost three weeks.

Corporate News:

• New World Development Co.’s controlling shareholder, the billionaire Cheng family, is considering injecting capital into the debt-laden builder as early as the end of the year, Bloomberg News has reported.

• Equinor ASA said it intends to subscribe for new shares in wind developer Orsted A/S, the first major investor after the Danish government to back the sale.

• OpenAI is seeking to build a massive new data center in India that could mark a major step forward in Asia for its Stargate-branded artificial intelligence infrastructure push.

• CapVest Partners is nearing a deal to acquire Stada Arzneimittel AG for around €10 billion ($11.7 billion) including debt, potentially ending the long-running saga to sell the German drugmaker, according to people familiar with the matter.

• Alibaba Group Holding Ltd.’s stock leapt more than 18% after reporting a surge in revenue from AI, underscoring the steady progress it’s making against rivals in a post-DeepSeek Chinese development frenzy.

• BYD Co. shares fell after reporting a staggering 30% plunge in quarterly profit last Friday, its first decline in over three years, it’s become clear that not even dominant players are safe in the cutthroat battle for market share.