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European stocks steady on luxury goods support
European stocks generally stabilized, supported by the luxury goods sector, despite ongoing pressure on the technology sector, especially semiconductors, due to concerns over local technological manufacturing in China and its impact on global companies. Shares of tech companies, including ASM International, declined amid fears of increased competition and reports of local manufacturing initiatives. Meanwhile, earnings reports from companies like Unilever, LVMH, and Mercedes-Benz boosted performance in the consumer and luxury sectors. Investors are now awaitings the results of major American tech firms and the upcoming decision by the U.S. Federal Reserve, which is expected soon and is likely to have a direct impact on the markets.
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