Dell forecast boosted by AI server demand
Dell Technologies unveiled its annual revenue and earnings forecast above Wall Street estimates on Thursday evening.
Europe indices
Europe indices are set to open higher in the wake of a positive session in the US and APAC regions.
Japanese unemployment data
In Japan, the unemployment rate stood at 2.4% in January, as expected, unchanged from the previous month. Meanwhile, the jobs-to-applications ratio came in at 1.27, indicating 127 job openings for every 100 job seekers.
China's manufacturing PMI
China's manufacturing activity shrank for a fifth straight month in February, according to official NBS data. Manufacturing PMI fell to 49.1 in February from 49.2 the previous month, in line with expectations. However, a survey by Caixin/S&P Global released just after the official PMI showed manufacturing activity expanded last month.
UK nationwide house price index
The nationwide house price index rose 0.7% in February month-over-month (MoM), higher than the 0.3% rise expected. The year-over-year (YoY) figure also beat expectations: 1.2%, compared to 0.7% anticipated.
The Eurozone CPI
Later this morning, the Eurozone consumer price index is expected to rise 2.5% in January year-over-year (YoY), after 2.8% the previous month. Core consumer price index (CPI) growth is also forecast to decline for a seventh straight month to 2.9%, from 3.3% in December, down to its lowest level since February 2022. Also, at 10 a.m., eurozone unemployment was seen unchanged at 6.4% in January.
ISM manufacturing PMI
Over in the US in the afternoon, ISM manufacturing Purchasing Managers' Index (PMI) is expected to rise to 49.5 in February from 49.1 the previous month. That would be the highest level since October 2022, but also the 16th month in contraction territory.
Dell Technologies
Dell Technologies unveiled its annual revenue and earnings forecast above Wall Street estimates on Thursday evening. Dell shares rose more than 16% in after-hours trading. Dell benefits from rising demand for its AI servers. Orders have increased nearly 40% sequentially, and the backlog has nearly doubled. Excluding items, its profit per share came in at $2.20, compared with estimates of $1.73. The company posted an 11% drop in revenue to $22.32 billion for its fourth quarter ended Feb. 2, slightly higher than estimates of $22.16 billion.
Gold
Gold trades near a one-month high as China, the second-biggest buyer of gold, hedges its poor economic performance.
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