[MARKET ANALYSIS] European bourses continue to fall, with tech resuming last week's selloff

European bourses (STOXX -0.7%) are lower again on Tuesday, not helped by the risk tone in Asian equities, while updates from several companies also disappointed (see more below). Focusing on South Korea, Elice had a poor debut, slumping as much as 30%. This can have a read-across for the tech space as Elice is a data-centre firm which provides AI cloud services as well as AI-based education and business software. To note, the IPO price was set before the recent sell-off in AI-related stocks, exacerbating the downside on debut day. Sectors highlight the negative bias. Health Care tops the sector pile, with Optimised Personal Care and Food, Beverages & Tobacco rounding out the top three. To the downside reside Industrials, with Tech and Basic Resources following closely behind. Key movers include: ABB -4.6%, despite orders that surpassed expectations on high demand for electric components, while also announcing a JV with Mitsubishi Electric; Schneider Electric -2.3%, read-across from tech selloff and the launch of its EUR 6bln capital increase; Solvay -5.1%, Q3 Adj. EBITDA missed estimates due to the Middle East conflict. US equity futures are mixed, with the NQ underperforming as it gives back some of Monday’s gains. Plenty of earnings to keep an eye on today, which include RTX, GM, GE Aerospace and SpaceX.