Software stock sell-off goes global amid fears over AI-led disruption – business live

2026-02-04 - 07:35

Rolling coverage of the latest economic and financial news Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. A selloff in software and data company stocks that began in Europe yesterday has spread to Asia-Pacific markets, via the US, today. The relief that came with the easing selloff across the metals space lasted until news broke that Anthropic, an AI startup backed by Amazon and Google, had rolled out a new AI tool designed to handle legal and research work traditionally done using paid databases. The announcement spooked markets, triggering a sharp selloff in software companies that sell data analytics and decision-making tools to lawyers, banks and corporates, on fears that AI and new players are coming for their lunch — and at an accelerated pace. 9am GMT: Eurozone services PMI report for January 9.30am GMT: UK services PMI report for January 10am GMT: Eurozone inflation report for January 10am GMT: House of Lords inquiry on stablecoins in the UK to hear evidence 1.15pm GMT: ADP US private payroll report for January 3pm GMT: US services PMI report for January Continue reading...