European Markets Slide After Nasdaq's Worst Day, Milan Banks Hit

European stock markets opened lower Friday following a sharp sell-off on Wall Street, where the tech-heavy Nasdaq fell over 5% on concerns that Democrats in the US Congress could slow artificial intelligence development. Milan's FTSE MIB dropped 0.9% in early trading, with banking stocks particularly weak. The Nasdaq is now 15% below its October 6 peak, though futures point to a possible recovery. Investors are also factoring in slower AI infrastructure build-out, including data centers, and potential new regulations. Asian markets fell, with Seoul and Tokyo down about 6 points, while government bond yields declined as investors sought safe havens. In Milan, Banca Monte Paschi Siena limited losses to 0.3% after reporting strong quarterly results, while Banco BPM fell over 2% despite solid earnings. The euro traded below $1.12, gold edged down 0.4% to around $4,072 per ounce, and oil rose slightly.