The technology sector outperformed the broader market with a 1.4% gain, driven primarily by ASML. The company saw its shares climb 6% after releasing optimistic financial forecasts for 2026, signaling a sustained appetite for AI-related infrastructure. This enthusiasm failed to buoy the entire sector, however, as software giants faced a reality check. SAP’s performance dragged the German market down by nearly 1%, highlighting growing investor anxiety over whether current AI valuations can withstand broader economic pressures.
Market participants are increasingly weighing the benefits of individual growth stories against the risks of regional instability. Rising oil prices, fueled by the intensifying Iran-U.S. conflict, have shifted capital toward defensive plays. Richemont emerged as a notable outlier, surging 5.3% on the back of resilient jewelry sales, proving that luxury demand remains a distinct factor even as broader indices grapple with the uncertainty of escalating geopolitical friction.
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