U.S. Futures, European Markets Trade Around Flat

By Dow Jones Newswires StaffU.S. stock futures and European markets were trading either side of flat after big Wall Street gains for the tech sector Tuesday helped extend a rally based on thawing relations between the U.S. and China on tariffs.U.S. President Trump's visit to Saudi Arabia led to big artificial-intelligence chip deals with the country also pledging to invest $600 billion in the U.S. Meanwhile, data showed U.S. inflation easing slightly in the 12 months through April.Across global markets, in Europe the Stoxx Europe 600 fell 0.1% in morning trading, while Germany's DAX was down 0.2% and London's FTSE 100 index was 0.01% lower. Notable movers included Burberry whose shares jumped nearly 7% after the luxury trenchcoat maker said it will cut around 1,700 jobs to help it weather challenges across the sector. FLSmidth added 9.8%, while Alstom slipped 14.1% and Alcon dropped 7.2%.Stocks in Asia ended mixed. South Korea's benchmark Kospi ended up 1.2%, Hong Kong's Hang Seng gained 2.1%, China's benchmark Shanghai Composite climbed 0.9% while Australia's S&P/ASX 200 Benchmark Index added 0.1%. Japan's Nikkei 225 index declined 0.1%.The dollar remained under pressure after Trump repeated his calls for interest-rate cuts after Tuesday's lower-than-expected U.S. inflation print. The DXY dollar index against a basket of major currencies was recently down 0.1% to 100.895.U.S. Treasury yields edged slightly lower--the two-year yield was last down two basis points to 3.998%, while the 10-year yield declined three basis points to 4.469%, according to Tradeweb.Oil prices retreated in early European trade but remained near their highest levels since late April. Brent crude and WTI both fell 0.2% to $66.49 and $63.53 a barrel, respectively, after settling more than 2% higher in the previous trading session.Gold futures ticked lower, down 0.25% at $3,239.50 a troy ounce.Write to Barcelona Editors at [email protected]