Tech gains in Europe, falls in Tokyo
European stocks rose today, Wednesday, supported by strong results from ASM International, a company specializing in manufacturing semiconductor equipment. The company announced that AI-driven demand for its tools is expected to prevent meeting all orders until 2027 or 2028, driving its shares up by 1.8%. The European technology sector index also increased by 0.8%, and the Stoxx 600 index rose by 0.32%. Conversely, Japanese chip stocks declined, with the Nikkei falling by 0.05% following ASM International’s earnings announcement. Sony’s stock dropped by 2.73% due to shrinking profits, while Taiwan Yuden’s stock increased by 3.59%. In the U.S. market, the Nasdaq closed lower amid declines in chip stocks, amid concerns over Chinese competition. Corporate earnings and stock market results contributed to a temporary recovery of European markets after previous losses, as investors awaited U.S. consumer price index data and its potential impact on Federal Reserve policies.
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