LIVE MARKETS-On second thoughts, Europe is a bit of a hiding place

By Reuters News

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ON SECOND THOUGHTS, EUROPE IS A HIDING PLACE

Revising the earlier blog title, actually Europe is proving to be something of a hiding place from this chip selloff with the broad STOXX 600 .STOXX down just 0.2% despite falls in Asia and on Wall Street.

The chip complex is taking a bruising. ASMI ASMI.AS and Aixtron AIXGn.DE are the standouts, down 9%, but Infineon IFXGn.DE, BE Semi BESI.AS, ASML ASML.AS are also all down over 6% as is Siemens Energy ENR1n.DE, which too has been a beneficiary of the AI trade.

But lots of less sexy shares are higher, Ericsson ERICb.ST is top of the STOXX, up 7.7% after an earnings beat, and on a sectoral basis food and drink .SX3P stocks are up 1.7% and insurance stocks .SXIP are up 1.6%, helped by a 2.4% gain in Zurich ZURN.S after a broker upgrade.

With Lindt up 4.5%, Switzerland is the real hiding place, with the Swiss market index up 0.46%. .SSMI

London's FTSE .FTSE is up 0.3%, while the DAX .GDXI is off 0.4%.

Bonds are benefiting from the tech rout, driving yields lower and giving a further lift to rate-sensitive stocks.


(Alun John)

EARLIER LIVE MARKETS POSTS

BEFORE THE BELL: EUROPE ISN'T A HIDING PLACE CLICK HERE

MARKET PICKS COREWEAVE AS AI ROUT DEEPENS CLICK HERE

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