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Stock impact report

Tech Stocks Slump in Europe as ASML Rattles High-Flying Sector [BNN Bloomberg (Canada)]

British American Tobacco Industries, p.l.c. ADR (BTI) 
NASDAQ:AMEX Investor Relations: bat.com/ir
Company Research Source: BNN Bloomberg
The Stoxx Europe 600 Index was broadly unchanged at the open, as a luxury stocks rally lifted by LVMH's reassuring results was offset by ASML's slump hitting tech peers. The selloff comes after the Stoxx 600 tech index's 25% surge in the past year as ASML led the sector with more than a 50% jump. For Ipek Ozkardeskaya, a senior analyst at Swissquote, it's “a sour cocktail of factors” weighing on markets. She said the rising clarity that the US Federal Reserve will delay rate cuts and mixed results from ASML have been some of the main worries playing out in the market. Federal Reserve Chair Jerome Powell pointed out on Tuesday the lack of additional progress made on inflation after the rapid decline seen at the end of last year, noting it will likely take more time for officials to gain the necessary confidence that price growth is headed toward the Fed's 2% goal before lower borrowing costs. Expectations for rate cuts have been pushed back after a slew of hot US economic data i Show less Read more
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