Home›US Markets›Sectors›European stocks slide as chip sell-off spreads and tec…

European stocks slide as chip sell-off spreads and tech sector weakens

The Stoxx Europe 600 fell 0.5% with its tech sector down about 1%, as ASML, Infineon, and STMicroelectronics each dropped around 4% to 4.7%.

Reported · Written up by our desk · Sectors

Global tech stocks slid further and the weakness spread to European markets, with investors increasingly concerned about whether the AI driven rally is sustainable, according to Guardian Business.

In Europe, the Stoxx Europe 600 was down 0.5%, led by a roughly 1% decline in the tech sector. Chip related names were among the biggest drags, with ASML down 4%, Infineon Technologies down about 4%, and STMicroelectronics down 4.7%.

The sell off extended beyond Europe, the report said, reaching Asia after the US moved lower in memory and computer storage. In Japan, the Nikkei 225 dropped nearly 5%, with Kioxia slumping 16%, while China’s SSE Composite fell 3.3%.

In the UK, the FTSE 100 was the exception, rising about 0.2%, the outlet noted, citing its comparatively low exposure to the tech sector. The coverage also said South Korea’s market was closed for the day, after steep declines in several US chip and storage companies the previous session.

Latest closeNikkei 225 68,751.51 ▲1.5%|FTSE 100 10,515.90 ▼0.1%

More like this

Sources