Why it matters
- The STOXX 600 traded at 637.46 around 12:40 GMT, up 0.28% from Monday's close, while the euro zone's blue-chip Euro STOXX 50 slipped 0.27% as chipmakers fell.
- ASML, Infineon and STMicroelectronics dropped between 3% and 5% on AI and China competition worries, and LVMH lost 1.3% after weaker-than-expected quarterly sales, Trading Economics said.
- Lower oil and bond yields helped banks and drugmakers. Brent fell about 1.6% to near $105 a barrel and Germany's 10-year Bund yield dipped to about 3.45%.
Session recap: what happened in this region's trading day, with sources.
European stocks were mixed on Tuesday, Oct. 13, as a global sell-off in chip stocks met support from banks, drugmakers and falling oil prices. The STOXX 600 was up 0.28% at 637.46 around 12:40 GMT, while the Euro STOXX 50 was down 0.27% at 6,184.33, according to Yahoo Finance data.
| Market, about 12:40 GMT | Level | Change |
|---|---|---|
| STOXX Europe 600 | 637.46 | +0.28% |
| Euro STOXX 50 | 6,184.33 | −0.27% |
| DAX (Germany) | 25,318.56 | +0.16% |
| FTSE 100 (U.K.) | 10,718.28 | +0.58% |
| CAC 40 (France) | 7,835.29 | +0.03% |
| FTSE MIB (Italy) | 50,135.19 | +0.20% |
| IBEX 35 (Spain) | 19,291.30 | +0.03% |
| AEX (Netherlands) | 1,132.21 | −0.29% |
| SMI (Switzerland) | 14,010.86 | +0.96% |
Source: Yahoo Finance chart data. Changes are from Monday's close.
Why are European chip stocks falling today?
The tech sell-off that hit Wall Street and Asia over doubts about the AI trade spread to Europe, Trading Economics said. ASML fell 3.4%, Infineon 4.8% and STMicroelectronics 4.6% in its midday report. Trading Economics' Germany page tied Infineon's drop to renewed doubts over AI investment returns and growing competition from China's CXMT. In Asia, the same worries sent South Korea's Kospi down 5.46%; see our Asia Tuesday recap.
LVMH and luxury shares
LVMH fell 1.3% after third-quarter organic sales came in weaker than expected, which Trading Economics attributed to cooling Chinese demand. It said sales in the group's fashion and leather goods division, its main revenue driver, fell 5%. Hermès lost 1% and Richemont 0.5%.
What is holding the market up?
Lower oil prices and bond yields. Banks and defensive stocks gained: HSBC rose 1.5%, Novartis 1.6%, AstraZeneca 2.1% and Unilever 1.3%, Trading Economics said. In London, Lloyds and Barclays each rose 1.5% and Whitbread more than 2% after first-half profits beat expectations, while miners such as Rio Tinto and Glencore fell, Trading Economics reported.
In Frankfurt, Zalando rose more than 7%, and Fresenius, Siemens Healthineers, Fresenius Medical Care and Bayer each gained more than 4%, Trading Economics said. It said Germany's September inflation rate was confirmed at 3.3%, the highest since December 2023.
Oil, bonds and the euro
Brent crude fell about 1.6% to $104.96 a barrel around 12:45 GMT, ending a three-session rally, according to Yahoo Finance data. Trading Economics said traders weighed U.S. President Donald Trump's decision to temporarily ease restrictions on Russian diesel exports for six months, along with an uncertain Russia-Ukraine energy ceasefire.
Germany's 10-year Bund yield fell to about 3.45%, its lowest since Sept. 9, tracking U.S. Treasury yields lower as the U.S. bond market reopened after Monday's holiday, Trading Economics said. France's 10-year yield eased to about 4.83%. The euro rose about 0.3% to $1.120.
What comes next?
The U.S. session brings big-bank earnings; see our day-ahead guide. Monday's session is in our Europe Monday recap, and live levels are on the markets page.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- Trading Economics, Euro area stock market
- Trading Economics, Germany stock market (DAX)
- Trading Economics, U.K. stock market (FTSE 100)
- Trading Economics, Brent crude oil
- Trading Economics, Germany 10-year bond yield and France 10-year bond yield
- Yahoo Finance, chart data for the STOXX Europe 600, Euro STOXX 50, DAX, FTSE 100, CAC 40, FTSE MIB, IBEX 35, AEX, SMI, Brent crude and EUR/USD