European stocks and U.S. equity futures pared losses sparked by China's economic woes, while bonds gained amid signs of easing inflation.
The euro slumped to a two-month low against the dollar after French inflation eased more than anticipated, reaching its lowest level in a year. Data from Germany's states also signaled inflation may be falling more quickly than expected in the region's biggest economy, prompting traders to trim bets on future European Central Bank interest-rate increases. European bonds rallied, with the German 10-year yield down about 9 basis points.
An Asian equity gauge headed toward a two-month low after China reported the softest reading in its purchasing managers' index since December. Hong Kong's Hang Seng Index fell more than two per cent, with a bear market on the horizon. The offshore yuan hit its weakest level versus the dollar in six months.
AI-related software providers now stand to reap the benefits that Nvidia has laid, according to Cathie Wood, CEO and founder of Ark Investment Management. “For every dollar of hardware that Nvidia sells, software providers, SaaS providers will generate eight dollars in revenue,” she said on Bloomberg Television.
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