European stocks set for sharp declines as global market fears are reignited

Market Overview - European stocks are expected to open lower, with the U.K.'s FTSE index down 0.5%, Germany's DAX down nearly 1%, France's CAC 40 down 0.8%, and Italy's FTSE MIB also down by a similar amount, reflecting concerns over artificial intelligence and volatility in precious metals [1] - Asia-Pacific markets experienced declines, particularly in South Korea, as investors monitored gold and silver prices following significant drops [2] Precious Metals - Silver prices, which have more than doubled over the past 12 months, fell approximately 30% on Friday, marking the worst one-day performance since 1980, while gold dropped around 9% [3] Cryptocurrency - Bitcoin fell below $80,000 for the first time since April, indicating a shift in investor sentiment as they moved to reduce risk following the declines in precious metals [2][3] Corporate Developments - Nvidia's plans to invest $100 billion into OpenAI have stalled, with executives expressing doubts about the deal, raising questions about the sustainability of the artificial intelligence boom [3] Economic Data - Earnings reports are expected from Julius Baer Group, alongside data releases for German retail sales and Spanish new car sales [4]