Comments from computer chip giant Intel are expected to boost Europe's technology stocks and drive markets higher today. The company forecast a ray of light in the economic gloom dogging global shares.
Intel's chief executive Mr Craig Barrett said despite the slowing US economy he believed the company's microprocessor business - some 80 per cent of its sales - had stabilised.
Intel's chief financial officer Mr Andy Bryant said he saw "some good signs toward the end of the quarter."
Intel, which employs over 4,000 people in Leixlip in Co Kildare, issued a grim profit forecast in March.
It said late last night first-quarter net income dropped steeply. But the figures were slightly better than forecast and sent Intel stock up 12 per cent in after-hours trading.
ING Barings director Mr James Dewhurst said: "With those after-hours comments from Intel we can already see the electric effect on US futures. There's a lot of money out there which is going to come in to Europe today."
But he noted the "completely irrational" market thinking, adding: "Intel beat their numbers despite twice lowering expectations in the run-up to the report so really, you'd be pretty disappointed if they didn't meet forecasts."