European stocks sank to close around one-month lows on Tuesday, extending the selloff from the prior sessions and tracking the poor momentum for global equities as concerns of an overvalued global tech sector and high rates by the Federal Reserve erased demand for riskier assets.
The STOXX 50 fell 1.9% to 5,540 and the STOXX 600 dropped 1.8% to 561. Losses for equities in the Eurozone were broadly distributed among the major sectors in the bloc, with Santander, Intesa Sanpaolo, and ING dropping over 3% each to lead the losses for lenders. Consumer cyclicals and tech were also under pressure, with Adidas, Ferrari, Adyen, and Infineon losing mote than 2%.
Tech shares were under higher scrutiny as Nvidia's results after tomorrow's close is due to offer insights on AI infrastructure demand for coming quarters, potentially unveiling added frothiness in the sector. Conversely, Roche jumped 6.8% after positive late-stage trial data for its breast cancer pill Giredestrant
Source: Trading Economi
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