Danske Research Team describes uneven equity performance, with Far East markets dragging global indices lower while US benchmarks rebounded, led by technology and energy. AI-related themes and Iran news, including Oil price moves, remain dominant drivers. Asian markets later caught up with the US rebound, and European futures opened slightly lower.

Global indices diverge as tech leads

“Equity markets fell yesterday, but the moves were highly uneven. The Far East dragged the global market lower, while the US rebounded, in many ways reversing what we saw on Friday.”

“In the US, most major indices ended higher, but the advance was driven mainly by technology and partly by energy, while most sectors were actually lower on the day. At the headline level, the two dominant themes remain the AI buildout and news around Iran, with the associated rise in oil prices also moving markets yesterday. “

“In tech space, OpenAI has confidentially filed for a US IPO, joining rival Anthropic in seeking to tap strong investor demand for AI exposure. The company has not disclosed deal size, terms or timing, but Reuters reports it is targeting a valuation of up to USD 1 trillion, with a listing potentially as early as September.”

“The move coincides with a planned SpaceX IPO on Friday, meaning OpenAI, Anthropic and SpaceX are all preparing market debuts, intensifying competition for investor capital.”

“This morning, Asia is catching up with the US moves from last night. Several of the more technology heavy markets, including South Korea, are reversing yesterday’s losses and are sharply higher. European futures are slightly lower, while US futures are higher, again led by technology futures.”

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