European stocks delivered a mixed performance on Tuesday. The STOXX 50 hovered around the flatline, while the broader STOXX 600 edged up 0.3%, as a renewed global sell-off in technology shares—driven by mounting doubts over the durability of the AI trade—spilled over into European markets. Declining oil prices and lower bond yields offered some support to equities, partially offsetting the tech-led weakness.
Among major losers, ASML Holding dropped 3.4%, Infineon Technologies slid 4.8%, and STMicroelectronics fell 4.6%. Investors also digested a fresh batch of corporate earnings. LVMH lost 1.3% after posting weaker-than-expected Q3 organic sales, pressured by softening demand from China. Its core fashion and leather goods segment, the group’s main profit engine, recorded a 5% decline. Elsewhere in luxury, Hermès eased 1%, while Richemont slipped 0.5%. Siemens Energy also retreated, down 2.2%.
By contrast, banks provided some support to the market, with HSBC gaining 1.5% and Santander up 0.7%. Defensive and consumer-oriented names also fared well, as Novartis rose 1.6%, AstraZeneca advanced 2.1%, and Unilever added 1.3%.
