European Stocks Close Slightly Lower
European stock markets recouped some initial losses on Wednesday but still ended the day slightly lower. The downturn was driven by disappointing corporate earnings and ongoing fears that U.S. tariffs might stifle economic growth in key global markets. The Eurozone's STOXX 50 index finished just under the breakeven point at 4,967, while the broader STOXX 600 index dipped by 0.2% to close at 507. ASML reported a revenue decline and warned that uncertainty surrounding U.S. economic policy could negatively impact orders from its major clients, resulting in a 5.2% drop in its share value. Meanwhile, LVMH's shares fell by 1%, extending a roughly 8% decline over the week due to disappointing revenue reports. Conversely, the banking sector provided some relief, buoyed by gains from Nordea, UniCredit, and BNP Paribas, which each added nearly 2%, mitigating broader sector losses.
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