On Tuesday, European shares experienced minimal change as consumer-related stocks gained ground, offsetting losses in AI-linked technology stocks. Investors closely monitored developments at the NATO summit in Turkey, anticipating announcements related to defense spending increases.
The STOXX 600 index inched up by 0.1% to 650.99 points, following a decline in the previous session. Luxury stocks increased by 2%, and consumer staples, including personal goods and food & beverages, rose over 1.4%, while the auto sector added 1.3%.
In contrast, technology stocks dropped 2.3% due to concerns about overvaluation from a prolonged rally. Notably, French chip materials supplier Soitec fell 12%. Amidst these movements, defense stocks saw declines as the NATO summit focused on new deals, with Sweden’s Saab gaining after an upgrade.
(With inputs from agencies.)