28.01.202612:13:45UTC+00European Stocks Trim Gains

European stock markets retrenched earlier gains by Wednesday afternoon, with the Stoxx 50 climbing a modest 0.2% to reach 6,000 points. In contrast, the broader Stoxx 600 slipped approximately 0.5%, as substantial losses in the luxury sector counterbalanced a rally propelled by the tech industry. LVMH experienced a significant decline of over 6%, marking its steepest drop since April, following underwhelming results that impacted the broader luxury market. CEO Bernard Arnault highlighted a difficult operating environment, warning that 2026 might present additional challenges. Other notable detractors included Nokia, Bayer, Fresenius, and several banking stocks. In the meantime, ASML saw a remarkable surge of up to 7.5%, achieving a new record and becoming the most valuable company in the Stoxx 600, driven by fourth-quarter orders surpassing expectations and alleviating concerns about slowing demand related to AI. Investors are now focusing on the U.S. Federal Reserve’s upcoming policy decision, with widespread expectations that interest rates will remain unchanged.