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US stocks gained traction on Thursday amid gains for chip producers and an improvement in credit conditions. The S&P 500 rose 0.5% and the Nasdaq 100 gained 1.3%, while the Dow rose 200 points. Memory chip producers were sharply higher as markets reconsidered the speculative outlook of AI infrastructure manufacturers. These were magnified by the introduction of SK Hynix ADRs tomorrow, the world's largest memory producer, with reports stating the receipts are seven times oversubscribed. Micron and Sandisk were 7% up. Meanwhile, oil prices and bond yields eased amid evidence that laden tankers continued to cross the Strait of Hormuz despite fresh attacks between the US and Iran. This supported the financial sector with Morgan Stanley, Goldman Sachs, and American Express, adding around 3% each. Meanwhile, Meta rebounded from early losses to a 2% gain after announcing it will target production of its own AI chip by September.

US Stocks Rebound

The FTSE MIB rose 1.1% to close at 52,381 on Thursday, led by a rebound in AI-related stocks. Semiconductor shares rebounded from yesterday's slump amid reports that orders for SK Hynix ADRs are oversubscribed, easing concerns of overinvestment on chip producers. STMicroelectronics surged 7.2%, leading gains on the index, followed by Prysmian (+2.4%). Financial stocks also outperformed, with the BTP-Bund spread narrowing to 75 basis points. UniCredit gained 2.6% while on the verge of acquiring Commerzbank's shares up to nearly 48%, although employee opposition to a potential takeover persisted. Meanwhile, defense declined and energy stocks remain pressured by volatile oil prices.

FTSE MIB Closes Higher

The DAX 40 closed about 0.9% firmer at 25,104 on Thursday, following sharp losses in the prior two sessions. The rebound was largely driven by tech stocks, buoyed by the possibility of China opening up to Nvidia chips and the success of the IPO of SK Hynix shares in the United States. Meanwhile, investors remained watchful for any developments in the Middle East amid ongoing US-Iran tensions. Among stocks, Infineon Technologies gained over 4%, with AI infrastructure stocks such as Siemens Energy (3.1%) an Hochtief (2.5%) also advancing solidly. Qiagen shares surged nearly 11%, driven by renewed takeover rumors. Bloomberg reported that the European molecular testing company is attracting preliminary takeover interest from private equity firms, including EQT AB and Advent. Rheinmetall (-4.3%) was the biggest drag. Volkswagen fell 1% ahead of a key supervisory board meeting expected to outline deep cost-cutting measures, including up to 100,000 job cuts and factory closures.

DAX Closes Higher

European stocks closed firmly higher on Thursday, rebounding from the losses in the previous session as concerns of tighter monetary conditions eased. The Euro STOXX 50 added 1.2% to close at 6,282 and the STOXX Europe 600 advanced 0.8% to 640. Stocks in the AI sector rebounded ahead of the start of trading for SK Hynix in the United States tomorrow, with reports that the ADR is seven times oversubscribed, challenging recent calls that data center companies are overinvested. ASML and Infineon jumped over 4% each, while Siemens Energy and Siemens advanced over 3%. In the meantime, banks tracked a recovery for Eurozone bonds amid a pullback in energy prices, as tanker flows through the Strait of Hormuz persisted despite the strikes between the US and Iran. Santander, Intesa Sanpaolo, and ING added around 2%. In turn, UniCredit gained 2.6% amid the increasing likelihood that it will acquire Commerzbank.

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