European Stocks Fall as Nvidia Curbs Hurt Sentiment; ASML Drops
European equities retreated as the US administration’s restrictions on chipmaker Nvidia Corp.’s exports to China hurt investor sentiment. ASML Holding NV dropped as much as 7.6% on first-quarter orders miss.
The Stoxx Europe 600 Index fell 0.9%, snapping a two-day winning streak, at 8:15 a.m. in London. The technology sector was the biggest laggard after President Donald Trump’s administration has barred Nvidia from selling its H20 chip in China, in an escalation of Washington’s tech battle with Beijing.
ASML fell as orders for the first quarter were far lower than expected and the firm warned that it doesn’t know how to quantify the impact from recent tariff announcements.
European stocks’ first-quarter record outperformance of the S&P 500 in dollar terms has been followed by investors grappling with the impact of Trump’s trade policies. The Stoxx 600 fell as much as 17% from a March all-time high, but has since recovered more than a third of the losses.
“My impression is that the market became a little too optimistic after the snapback of the past few days, as we’re getting some data points that make us scratch our head,” said Philipp Lisibach, head of strategy and research at LGT Private Banking.
Among individual stocks, Heineken NV rose 2.6% after volumes of beer fell less than expected, even as a late Easter dampened demand for its top-selling brands in Europe and the Americas.
Source : Bloomberg
