European Stocks Edge Lower as Chip Selloff Offsets Bank and Energy Gains

European stocks finished Tuesday slightly lower as a global technology selloff and weak luxury earnings offset gains in banks and energy shares.

The pan-European STOXX 600 closed at 635.14, down 0.08%, according to Trading Economics data. The index had earlier risen to its highest level since October 6, Investing.com reported, after closing 0.65% higher on Monday at 635.65. Germany’s DAX ended 0.03% lower and France’s CAC 40 fell 0.29%.

chip selloff

Chip stocks bore the brunt of the pressure. In early trading ASML fell 3.3% while STMicroelectronics and Infineon each dropped 5%, following losses in Asian and US peers, CNBC reported. LVMH shares were lower after the French group posted weaker-than-expected earnings on Monday, weighing on luxury names.

Finnair climbed 11% to a three-week high after raising its full-year revenue and operating profit forecast. Energy shares were supported as crude oil and natural gas held near two-week highs. Investors are watching earnings from ASML and EQT later this week.

Sources: Trading Economics; Investing.com via Yahoo Finance; CNBC; Reuters via MarketScreener.

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