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(Bloomberg) — European stocks fell after erasing earlier gains late in the trading session, tracking losses in US peers, with noticeable sector rotation.
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The Stoxx Europe 600 Index retreated 0.5% by the close after gaining as much as 0.9%. There was profit taking on this year’s winning thematics such as energy, mining, telecoms and technology stocks. By contrast, chemicals, food and retail stocks outperformed.
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In the telecom sector, Ericsson AB and Nokia Oyj tumbled 6.3% and 7%, respectively, on reports of possible competition from Nvidia Corp. on telecom chips.
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In other stock moves, Unipol Assicurazioni SpA shares advanced 4.7% on expectations the insurer would acquire the Banca Monte dei Paschi di Siena SpA brand and certain assets if Intesa Sanpaolo SpA’s offer for the lender is successful. A day before Intesa’s offer, Banco BPM SpA already pitched a merger of equals with Paschi, without giving a price.
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Paschi gained 2.6% on Tuesday, with Intesa up 0.9% and Banco BPM rising 1.5%.
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The healthcare sector was also in focus. GSK Plc retreated 0.5% after the pharmaceutical firm agreed to buy Nuvalent Inc. in a deal valued at $10.6 billion. AstraZeneca Plc fell 1.2% after its experimental obesity pill delivered 11.8% weight loss in a mid-stage trial.
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The Middle East conflict remains top of mind, with Brent crude falling to about $90 a barrel after US President Donald Trump renewed his claims of momentum toward ending the war with Iran. Any progress in negotiations will be a positive for Europe ahead of the European Central Bank meeting on Thursday, where policy makers are expected to hike interest rates.
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“European equity markets benefit from improving risk sentiment globally in addition to M&A talk in the Italian banking sector,” said Wolf Von Rotberg, equity strategist at Bank J Safra Sarasin. “This comes after a period of sustained underperformance in financials over recent months.”
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For more on equity markets:
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- Shaky Market Just Looks Like a ‘Healthy Reset’: Taking Stock
- M&A Watch Europe: GSK to Buy Nuvalent; Nestle, Monte Paschi
- Europe’s Next IPOs Will Add to the 2026 Defense Focus: ECM Watch
- US Stock Futures Fall; Mission Produce, Vail Resorts, Apple Fall
- Sweet Deal: The London Rush
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—With assistance from Levin Stamm, Macarena Muñoz and Michael Msika.
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