Opening
European equities sold off broadly on Thursday, with the AEX leading declines among major indices, falling 1.79% to 1,063.6, as the DAX dropped 1.60% to 24,738.1 and the OMX Nordic shed 1.50% to 3,142.9. The relative resilience of the FTSE 100, down just 0.90% to 10,343.8, reflects sterling's partial buffer against the risk-off move that hit export-heavy continental markets hardest. The Amsterdam exchange's outsized decline is the session's most consequential development for European investors, given the AEX's heavy weighting in globally exposed technology and semiconductor names, where valuation pressure compounds any broad risk aversion.
Brent crude slipped 0.55% to $77.47, offering modest relief to energy-intensive European industrials, while gold's sharp 2.06% retreat to $4,116 signals a partial unwinding of safe-haven positioning that could support risk appetite across euro zone equities.
Key stock move
ASML (AEX) was the sharpest decliner across European equities, falling 5.34% to €1,567.40, dragging the Amsterdam benchmark lower as semiconductor-sector sentiment soured. The Dutch lithography equipment maker's drop dwarfed losses in Siemens, which shed 3.39% to €269.55 on the DAX, and Adyen, which fell 2.92% to €848.70.
Macro–Equity Bridge
ASML −5.34% to €1,567.40 → ASML (ASML.AS), Adyen (ADYEN.AS): AEX leads European declines at −1.79% as rate-sensitive growth stocks reprice on valuation compression Gold −2.06% to $4,116 → Fresnillo (FRES.L), Polymetal (POL.L): sharp bullion selloff cuts revenue assumptions for precious-metals miners with direct spot-price earnings linkage EUR/USD −0.19% at 1.1409 → SAP (SAP.DE): euro softness mechanically lifts dollar-denominated cloud-revenue on repatriation, supporting SAP's +1.77% outperformance today Brent −0.55% to $77.47 → TotalEnergies (TTE.PA), Repsol (REP.MC): modest crude decline narrows upstream realisation margins without yet relieving refining input-cost pressure
What to watch today
Brent crude trades at $77.47, keeping pressure on energy-sensitive equities across the continent as traders weigh supply signals from OPEC+ ahead of its next scheduled review. The euro holds at 1.1409 against the dollar, a level that will test exporters in Germany and France reporting quarterly earnings this week, where currency translation effects could weigh on guidance. Watch sovereign bond spreads between Italian BTPs and German Bunds for signs of risk appetite shifting as the ECB's next policy meeting draws closer.