European Stocks Extend Losses, Down Nearly 2%

2026-07-08 10:53 By Joana Taborda 1 min. read

European stocks extended their losses on Wednesday, with both the STOXX 50 and the STOXX 600 falling nearly 2% amid escalating geopolitical tensions.

Oil prices surged for a second straight session after US President Trump declared that, "as far as I'm concerned, the ceasefire is over".

The US also launched fresh strikes on Iran and revoked a waiver that had allowed the country to sell crude on global markets, fueling concerns over further supply disruptions.

Meanwhile, President Trump criticized Spain for failing to meet NATO defense spending commitments, calling the country "a terrible partner" within the alliance.

Most sectors traded in negative territory, with healthcare, banking, and financial services among the worst performer while energy stocks bucked the broader market decline.

HSBC (-1.9%), Roche (-1.6%), AstraZeneca (-1.2%), LVMH (-2.5%), Hermes (-3.6%), Banco Santander (-4.3%) were in negative territory while Repsol (3.8%), BP (3.1%) and Eni (3.2%) outperformed.



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European Stocks Rise on ASML Earnings Boost
European stocks traded higher on Wednesday, recovering from losses in the previous session, with the STOXX 50 gaining 0.7% and the STOXX 600 rising 0.4%. Gains were led by the technology sector following upbeat results from ASML. The company's shares advanced 2.2% after it beat earnings and revenue expectations and issued a strong sales forecast for the fourth quarter. ASML also said that AI-driven demand for its chipmaking equipment was so strong that it would be unable to fully meet customer demand in 2027 or 2028, adding that it was exploring ways to expand capacity. Infineon Technologies rose 1.5% and STMicroelectronics gained 0.7%. Luxury stocks also performed well, with LVMH climbing 2.1%, Hermes adding 2.3% and Richemont advancing 1.6%. On the downside, Admiral tumbled 3.1%, making it one of the STOXX 600's worst performer, while Orsted fell 2.7% after Bloomberg reported that the US would reassess the permit for its Rhode Island offshore wind farm.
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