Morning Chronicle - Global stock markets diverge as tech fears linger

US shares tumbled Tuesday after Dutch tech giant ASML, which supplies chip-making machines to the semiconductor industry, cut its 2025 guidance and forecast a slump in orders.

On Wednesday, all three major Wall Street indexes were little changed in early trading.

"The sting from ASML is still there...but the chance to buy the dip in the market is right there for participants who have taken that chance many times before and won," said Patrick O'Hare, an analyst at Briefing.com.

Frankfurt and Paris were lower in mid-afternoon trading, with London one of the few markets to rise as a positive inflation report fed expectations of an interest rate cut next month from the Bank of England.

Oil prices steadied after tumbling in previous days.

ASML shares were down more than three percent in Amsterdam in early afternoon deals Wednesday after plunging about 16 percent following its update near the end of trading Tuesday.

"ASML's warning has spooked investors holding anything linked to the semiconductor space," said Russ Mould, investment director at traders AJ Bell.

On Wall Street Wednesday, chip titan Nvidia and rival AMD were up slightly after sinking Tuesday. IT giant Intel was lower again after losing more than three percent Tuesday.

Better than expected pre-market results from United Airlines and Morgan Stanley also helped Wall Street steady.

In Paris, shares in Louis Vuitton-owner LVMH dropped more than four percent after the luxury heavyweight reported disappointing third-quarter results amid a slowdown in demand from Asia.

The announcement heightened investor concerns over a luxury sector heavily-reliant on China, said market strategist Patrick Munnelly at traders Tickmill Group.

The news "tempered the recent surge in luxury stocks subsequent to the announcement of Chinese stimulus plans", he added.

Gucci-owner Kering and Cartier-owner Richemont both fell around two percent in their respective stock exchanges in Paris and Zurich.

Prada was down the same amount in Milan as the sector struggles with weaker demand from China.

In London, the FTSE 100 rose after data showed UK inflation hit a three-year low in September, fuelling speculation that the Bank of England would resume cutting interest rates next month.

Earlier, Japan's stock market shed almost two percent, while Shanghai made small gains.

Hong Kong ended lower again even as developers were boosted after the city's chief executive unveiled some measures to help its struggling real estate industry.

Oil prices were little changed following steep losses Monday and Tuesday caused by a report that Israel had pledged not to strike Iran's energy infrastructure in retaliation for a missile barrage this month.

Adding to pressure on the commodity were worries over demand from top importer China, a report from the International Energy Agency saying global markets remain "adequately" supplied and relatively modest output losses from hurricanes in the US Gulf Coast.

- Key figures around 1335 GMT -

New York - Dow: UP LESS THAN 0.1 percent at 42,758.42 points

New York - S&P 500: DOWN LESS THAN 0.1 percent at 5,811.52

New York - Nasdaq Composite: DOWN 0.1 percent at 18,296.11

London - FTSE 100: UP 0.9 percent at 8,321.51

Paris - CAC 40: DOWN 0.6 percent at 7,481.57

Frankfurt - DAX: DOWN 0.2 percent at 19,456.78

Tokyo - Nikkei 225: DOWN 1.8 percent at 39,180.30 (close)

Hong Kong - Hang Seng Index: DOWN 0.2 percent at 20,286.85 (close)

Shanghai - Composite: UP 0.1 percent at 3,202.95 (close)

Euro/dollar: UP at $1.0894 from $1.0892 on Tuesday

Pound/dollar: DOWN at $1.3024 from $1.3066

Dollar/yen: UP at 149.33 yen from 149.22 yen

Euro/pound: UP at 83.65 pence from 83.33 pence

West Texas Intermediate: UP LESS THAN 0.1 percent at $70.60 per barrel

Brent North Sea Crude: UP 0.1 percent at $74.29 per barrel

J.Ainsworth--MC-UK