In Europe, EUROSTOXX 50 futures and FTSE futures fell 0.2%, while DAX futures eased 0.1%. Microsoft's shares slid 6.5% in extended trading amid concerns its massive capex spending would not make ​enough of a return to justify its sky-high valuation. "A common theme so far from META and MSFT is the larger-than-expected capex spending, indicating the upward momentum for AI spending," noted analysts at JPMorgan. U.S. Treasury Secretary Scott Bessent insisted the administration still favoured a "strong dollar" policy after Trump seemed to condone a weaker currency. The decline in the dollar has further encouraged demand for hard assets, with gold, silver ‌and copper all zooming ⁠higher.