European Stocks Fall as Valuation Worries Linger, ASML Drops
European stocks extended a risk-off move as concerns about high tech equity valuations deepened, with chip toolmaker ASML Holding NV falling 2.5%.
The Stoxx Europe 600 Index retreated 0.4% at 9:19 a.m. in Paris. Technology and consumer products shares were among the biggest laggards while the personal care sector outperformed.
In individual stocks, Pandora A/S dropped 4% after the jewelry maker missed its third-quarter revenue estimates, with broader luxury shares also sliding.
The slump in European stocks tracked declines in global equity markets as investors remained wary of stretched valuations in stocks linked to artificial intelligence. The regional index trimmed its year-to-date advance to 12%.
“In Europe, the main indexes have failed repeatedly to breach key levels of resistance and are moving to the low end of their current trading range, that’s not a good sign,” Alexandre Baradez, chief market analyst at IG in Paris.
Among other individual movers, Siemens Healthineers AG shares dropped as much as 13%, the most on record, after Chief Financial Officer Jochen Schmitz said he expects the impact from US tariffs to roughly double.
Source : Bloomberg.com
