Nasdaq 100 futures are up around 0.5–0.7% in a cautious risk-on move ahead of Nvidia’s Q3 earnings, seen as a key verdict on the AI trade, while Fed minutes and a backlog of US data could shift rate-cut expectations and discount rates for growth stocks. Bitcoin’s rebound after a sharp swing is adding a modest tailwind to high-beta tech.

Germany’s DAX is edging lower after a strong run, with investors still digesting the global tech/AI shake-out, soft but stable German sentiment, and euro-area data that point to very slow growth but easing inflation ahead of key flash PMIs.

Japan’s Nikkei is slightly in the red after a negative Q3 GDP print revived growth worries, as markets juggle BoJ normalisation risks, political pressure to stay easy, de-risking in major exporters and financials, and a weak yen that no longer fully offsets the macro drag.