European Stocks Close Lower
European stocks erased early gains and closed firmly lower on Tuesday amid sharp losses for the AI infrastructure sector and heavyweight industrials. The Euro STOXX 50 fell 0.6% to 6,170 and the STOXX Europe 600 eased 0.2% to 635. ASML slid 4.2% ahead of its earnings report this week, tracking sharp losses for chip producers across major Western economies after Chinese chipmaker CXMT said it achieved a breakthrough in its memory architecture that rivals Korean and US competitors. Meanwhile, LVMH closed slightly lower after its fashion and leather goods revenue fell 5% year-over-year in the third quarter due to slower sales in China. The developments prompted analysts and brokers to downgrade recommendations on Hermès, pushing the stock 2% lower. On the other hand, banks were mostly higher, with UniCredit and Nordea adding nearly 1%.
European stocks erased early gains and closed firmly lower on Tuesday amid sharp losses for the AI infrastructure sector and heavyweight industrials. 2% to 635. 2% ahead of its earnings report this week, tracking sharp losses for chip producers across major Western economies after Chinese chipmaker CXMT said it achieved a breakthrough in its memory architecture that rivals Korean and US competitors. Meanwhile, LVMH closed slightly lower after its fashion and leather goods revenue fell 5% year-over-year in the third quarter due to slower sales in China.
The developments prompted analysts and brokers to downgrade recommendations on Hermès, pushing the stock 2% lower. On the other hand, banks were mostly higher, with UniCredit and Nordea adding nearly 1%.