European Tech Rally Boosts ASML Shares as STOXX 600 Jumps 0.7%
European STOXX 600 rose 0.7% with the technology sector up 2.4%, driving chip stocks including ASML to the top of the gains. High oil prices above $110 a barrel and U.S.-Iran tensions capped broader market upside.
1. EU Market Rebound Powers ASML
The pan-European STOXX 600 climbed 0.7% after its biggest drop in a month, led by a 2.4% advance in the technology sector that propelled chip stocks such as ASML to significant gains.
2. Middle East Tensions Temper Gains
Renewed missile and drone exchanges in the Strait of Hormuz kept oil above $110 a barrel, creating supply concerns that limited further upside in European equities despite the tech rally.
3. High Oil Prices and ECB Outlook
Elevated energy costs are stoking inflation and raising expectations of multiple European Central Bank rate hikes this year, which could weigh on capital investment in semiconductors and influence ASML’s growth prospects.