Technology stocks are booming again after the recent sell-off, boosting global stock markets – despite setbacks for Elon Musk’s SpaceX and the US chipmaker AMD.
In Asia, Japan’s Nikkei rose 3.6% and South Korea’s Kospi jumped 4.1%.
European shares have opened higher, joining in the Asian and Wall Street rally.
The UK’s FTSE 100 index climbed 42 points, or 0.4%, in early trading to 10,921.
Germany’s Dax and Italy’s FTSE MiB have added about 0.6%, while France’s Cac edged 0.1% higher and Spain’s Ibex gained 0.5%.
Following an earlier dip, oil prices are up now but Brent crude remains below $80 a barrel, just. It is trading 0.8% higher at $79.97 a barrel.
Wall Street indices climbed to record highs on Tuesday as Caterpillar and Palantir Technologies joined other companies reporting strong profits, and crude oil prices eased. However, AMD fell 8.8% after hours and SpaceX lost 7.5%, amid worries that capital expenditure was using up its cashflow.
For the first time since SpaceX went public, the world got a first-hand look into the trillion-dollar corporation’s financials. The Musk-run business reported its second-quarter earnings, saying that its revenue jumped 92% since June.
SpaceX beat Wall Street expectations, reporting $7.81bn in revenue, versus analysts’ predictions of $6.93bn. While expansive, the company is not profitable. The company reported a loss of $541m, down from a $1bn loss in the same quarter last year.
During a call with investors, Musk called it “another milestone year” for the company. “The SpaceX team is solving some of the hardest engineering problems in the history of humanity,” he said.
Today’s key events
• 9am BST: eurozone S&P Global services and composite PMIs for July
• 9.30am BST: UK S&P Global services and composite PMIs for July
• 1.15pm BST: US ADP employment change for July
• 3pm BST: US ISM services PMI for July
We’ll be tracking all the main events throughout the day on our business live blog …
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