European Stocks Cautionary, AI Stocks a Weigh
European stock markets moved cautiously on Thursday (July 2nd). The STOXX 50 and STOXX 600 indices each rose only slightly by 0.1% as investors resurfaced concerns about overvalued artificial intelligence (AI) stocks.
Despite limited movement, European stocks still performed better than Asian and US markets. This is because European markets have less exposure to the technology sector, so the pressure from the AI stock decline was less significant on the main indices.
However, technology stocks continued to weigh on the market. ASML Holding fell 2.3%, Infineon Technologies fell 2%, and STMicroelectronics fell 1%. Several other major stocks also fell, including HSBC, which fell 1%, Schneider Electric, which fell 1.3%, and Siemens Energy, which fell 2.8%.
Meanwhile, the healthcare sector was a major supporter of European stocks. AstraZeneca rose 1.6% and Sanofi gained 1.8%. Bayer shares even jumped more than 4% after the company announced plans to merge its Roundup business in the United States into a new unit called Ruveon.
Several other stocks also recorded gains. LVMH rose 1.6%, UniCredit added 1%, and Sodexo jumped 7%, becoming the best-performing stock on the STOXX 600. Sodexo's rise came after the company raised its full-year organic revenue growth projection. (asd)
Source: Newsmaker.id
