FX.co ★ European Stocks Fall for 2nd Session

On Friday, the STOXX 50 index declined by 0.7%, while the STOXX 600 index fell by 0.9%, marking the second consecutive session of losses. The market exhibited a cautious tone as investors expressed growing concerns over potential overvaluation in the artificial intelligence sector and the risk of an ensuing bubble. These apprehensions were compounded by monthly data from China, indicating a further economic slowdown. Technology stocks were among the hardest hit, reflecting a global downturn in the sector, with significant declines observed in ASML Holding (-1.6%), SAP (-2.1%), Infineon Technologies (-2.5%), and Prosus (-3%). Other notable decliners included Airbus (-2.3%), Banco Santander (-1.8%), and Rheinmetall (-2.5%). On the positive side, Richemont shares soared by over 7% following a report of increased sales driven by robust demand in the US and China. Additionally, Allianz saw a 1.1% increase after announcing record results for the first nine months of the year. For the week, the STOXX 50 enjoyed a gain of 3.1%, while the STOXX 600 increased by 1%, with both indices reaching record highs earlier in the week.