AM Markets Need to Know: Swap lines, Lufthansa cuts flights, and more

European and U.S. futures slipped Thursday after Wall Street’s Nasdaq and S&P 500 hit record closes a day earlier. Market-moving headlines overnight included U.S. Treasury comments on swap lines (supporting liquidity), Microsoft’s $18B plan to expand cloud/AI/GPU capacity in Australia (capacity +140%), SpaceX potentially building its own GPUs (implications for AI supply chains), and Lufthansa cutting some 20,000 flights to manage rising fuel costs (reducing short‑haul capacity ~1%). These developments create a mixed backdrop for European indices such as Germany 40, with central‑bank/swap‑line signals and corporate capital allocation likely to drive direction alongside sector‑specific news (airlines, cloud/AI, semiconductors).