European stock markets decline as technology sector falls 2.3%
European stocks declined significantly, particularly in the technology sector, which fell by 2.3% due to a widespread sell-off in AI-related capital. This occurred amid escalating geopolitical tensions in the Middle East, impacting semiconductor company shares such as ASML and TSMC, despite strong earnings expectations for these firms. Additionally, oil prices surged by over 10% amid escalating conflicts between Iran and the United States, raising concerns about inflation and its potential impact on economic activity. At the same time, the luxury goods sector rose by approximately 3%, benefiting from investor shifts toward less volatile sectors less exposed to technological fluctuations, although geopolitical tensions did somewhat weaken some companies in this sector.
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