European stocks hit a record high on Wednesday, driven by strong earnings from ASML, the leading chip equipment maker.
The pan-European STOXX 600 index rose 0.5%, surpassing Tuesday’s record close. The rally was led by technology stocks, which surged 4.5% after ASML reported better-than-expected quarterly bookings of €7.08 billion ($7.39 billion).
Key Market Moves:
- ASML shares soared 10.6%, boosting the tech sector.
- ASM International, BE Semiconductor, and Infineon gained 2.7% to 7.5%.
- Luxury stocks struggled—LVMH fell 5%, while Kering and Christian Dior dropped 6% and 5%, respectively.
- France’s CAC 40 index declined 0.4% due to weakness in luxury stocks.
Investors are also watching the U.S. Federal Reserve’s monetary policy decision later in the day. The central bank is expected to keep interest rates unchanged between 4.25%-4.50%.
