European stocks fell as weak earnings in the luxury sector and semiconductor industry weighed on markets. The Stoxx 600 dropped 0.4%, led by losses in LVMH and Salvatore Ferragamo, which both fell nearly 7%. ASML’s continued decline also hit the chipmaking industry hard, with global chipmakers losing over $420 billion in market value.
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The pound slid 0.6% after UK inflation came in lower than expected, prompting speculation of potential interest rate cuts by the Bank of England. Meanwhile, oil prices rose amid tensions in the Middle East, with Israel hinting at possible action against Iran.
In Asia, Chinese property shares surged as investors awaited potential government intervention to support the economy.
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