August 5 (Reuters) - A look at the day ahead in European and

global markets from Wayne Cole.

Asian markets have followed through on Wall Street's record

close with gains in the major semiconductor stocks, ignoring

setbacks in SpaceX and AMD as they failed to meet sky-high

expectations.

The Kospi added 4.0%, though by recent standards

that was almost tame, led by SK Hynix and Samsung. In a sign of

intensifying competition in the memory sector, Reuters reported

the tech giants are evaluating chipmaking equipment from China's

Advanced Micro-Fabrication Equipment (AMEC) for possible use at

their Chinese factories.

That could be bad news for Applied Materials and Lam

Research, which currently provide etching tools from the United

States but face the growing risk of tighter export restrictions.

SpaceX's troubles seem to be cash flow, or rather the lack

of it. While revenue jumped to a record $7.8 billion, capex

climbed above $18 billion, with almost $16 billion of that on AI

alone. Analysts feared the company was burning through cash at

such a ferocious rate it would have to come back to the market

for more funding, through shares and/or debt.

Its bonds have taken a beating in recent weeks and there's a

small matter of 911.5 million insider and employee shares that

will be free for possible sale on Thursday. SpaceX's stock was

down 7.5% after hours, wiping out most of a 9.4% gain made in

regular trading.

Similarly, AMD shed 8.8% after hours as its sales and

outlook topped the Street, but seemingly not by enough to

justify the 142% gain its shares have made so far this year.

Another big move was oil, with Brent down another 1.5% or so

at $78.24 a barrel and a world away from June's lofty peak of

$102. The retreat eased pressure on bonds, nudging 10-year

Treasury yields down to 5.60%, while markets pared back Fed

tightening bets, with the implied odds of a September hike

slipping to 57% from 67%.

Qatar said on Tuesday mediators were making progress in

efforts to end the U.S.-Iran war, though details were hard to

find and Tehran won't even confirm it is in the talks.

Analysts say reports on ship tracking suggest oil flows out

of the Gulf were higher than expected and investors feared the

market could quickly switch to oversupply should the Strait of

Hormuz open even moderately.

Looking ahead, earnings reports in Europe include Siemens

Energy, Infineon, Heineken, Novo Nordisk and a batch of banks.

U.S. results include DoorDash, eBay, Uber, Eli Lilly, Honeywell,

Kraft Heinz, SanDisk, Western Digital and Walt Disney.

Key developments that could influence markets on Wednesday:

- Federal Reserve Board Governor Lisa Cook speaks

- Data include EU S&P service PMIs for July, EU producer

prices for June, US ISM services, S&P services PMI, ADP

employment for July