LIVE MARKETS-Stoxx dips as tech rout tempers earnings cheer, energy gains
QQQ•Stoxx 600 slips as chip rout offsets earnings support
A selloff in chip stocks following a sector rout in Asia and a surge in oil prices nudged Europe's STOXX 600 .STOXX lower on Wednesday, though gains in energy shares and strong earnings updates from Kering PRTP.PA and several major banks helped limit losses.
The pan-European benchmark hovered around the flat line and was last down 0.3%, as investors remained cautious ahead of the U.S. Federal Reserve's policy decision and earnings from major U.S. technology companies whose spending has fuelled the AI infrastructure boom.
Banks rise, chip-equipment makers fall, and tech stays under pressure
Standard Chartered STAN.L, Deutsche Bank DBKGn.DE and UBS UBSG.S rose between 2% and 4% after posting upbeat results, though Spain's CaixaBank CABK.MC fell as traders were disappointed that the lender did not raise its guidance.
The European banking index .SX7P, which hit an 18-year high earlier this month, was down 0.2%.
Among chip-equipment makers, ASMI ASMI.AS dropped 7%. While the Dutch company delivered solid results, they did little to shift expectations around 2027, leaving the stock exposed to the broader semiconductor selloff.
Microsoft MSFT.O and Meta META.O, due to report after the U.S. close, will be closely watched for any updates on their massive AI spending plans.
The technology sector .SX8P fell 0.8%, hovering near Tuesday's two-month low.
