Nvidia expected to help lift US markets at the open

• European indices weaken on tariff concerns.

• Spanish core inflation falls to 2.1%.

• Nvidia expected to help lift US markets at the open.

A tough start for European equities today, with Donald Trump’s threat to impose 25% tariffs on EU imports hurting sentiment in early trade. Somewhat predictably, it’s the German DAX which has borne the brunt of these losses, losing ground on the prospect of lower exports to a key trading partner. This looks to bring an end to the recent out performance of European equities with yesterday’s impressive Nvidia earnings expected to help lift US markets at the open today.

This morning brought the first inflation data out of the Eurozone, with Spanish CPI rising to 0.4% on a monthly basis. Nonetheless, the decline for core inflation (2.1%) highlights the continued disinflation that is underway in the eurozone, with base effect likely to drive CPI for the region well below 2% over the coming months.

Nvidia earnings are expected to help lift the malaise seen throughout US markets this week, with all three of the major indices priced to open in the green. While the DeepSeek announcement sparked the biggest one-day loss of market value last month, yesterday’s report breathed life back into the stock once again. The company beat across both and bottom line, bringing in an impressive $39.3 billion in revenue for the fourth-quarter. Whether this in enough to mark the bottom for a company that remains 13% below its January peak, with Chinese AI competition emerging in spite of the exports restrictions expected under Trump.