European stocks bat off tech jitters to notch record high
Last updated: 11:10 28 Jan 2025 EST, First published: 10:19 28 Jan 2025 EST
European stocks racked up a record high on Tuesday after largely avoiding the effects of a global tech sell-off earlier in the week, which appeared to soon end anyway.
The pan-European Stoxx 600 climbed as high as 533 to surpass a previous all-time peak, seen a year ago, before scaling back slightly for a 0.5% gain for the day.
Retailers JD Sports Fashion PLC and B&Q owner Kingfisher PLC were among those to buoy the index, while those hit by Monday’s DeepSeek-fuelled sell-off regained.
Semiconductor equipment maker ASML Holding NV, having shed 7%, moved 0.3% higher on Tuesday.
European markets were largely in the green in the meantime.
Scope Markets analyst Joshua Mahony noted European traders were enjoying “a brief period of outperformance built around the general lack of big tech companies this side of the Atlantic”.
He added: “The questions that have emerged around a handful of huge AI-focused US tech companies provide the basis for a massive value recalibration if the DeepSeek news can be taken at face value.”
