European Shares Surge as ASML Boosts Tech Sector

European stocks climbed to a record high, propelled by Dutch chip equipment maker ASML's impressive quarterly results, which lifted the technology sector. While ASML's success reassured AI investors, other sectors showed mixed performance, with LVMH and its luxury peers seeing declines. Key central bank decisions are anticipated.

European markets soared to new heights on Wednesday, as chip equipment manufacturer ASML spearheaded a rally in the technology sector with its robust quarterly results.

The STOXX 600 index rose by 0.5% by mid-morning trading, surpassing previous records. ASML’s shares skyrocketed by 11.2% following its report of better-than-expected fourth-quarter bookings totaling 7.09 billion euros.

This performance calmed investor concerns over AI chip viability following a competitive model release from China. Meanwhile, varied performances were seen in other sectors, including notable declines in luxury goods as LVMH’s results disappointed markets. Attention now turns to central bank updates from the Federal Reserve and European Central Bank.

(With inputs from agencies.)