European Stocks Soar to Record High on ASML's Strong Results
European stocks reached a record high on Wednesday, driven by chip equipment manufacturer ASML's impressive quarterly performance.
The STOXX 600, a pan-European index, gained 0.5% by 0810 GMT, surpassing its previous record close set on Tuesday. ASML shares surged 10.6% after the Dutch company reported better-than-expected bookings of €7.088 billion ($7.39 billion) in the fourth quarter.
Other chip companies followed suit, with ASM International, BE Semiconductor, and Infineon gaining between 2.7% and 7.5%. The technology sector emerged as the top performer, rising by 4.5%.
LVMH, however, dragged down gains, with shares falling 5% as investors were unimpressed by the luxury group's sales growth. This came after strong results from its rivals and recent price appreciation. Kering and Christian Dior also lost ground, declining by 6% and 5%, respectively. As a result, the French CAC 40 index slipped 0.4%.
The day's main event is the US Federal Reserve's monetary policy decision. The central bank is widely expected to maintain interest rates in the 4.25%-4.50% range.