The EuroStoxx 50 declined on Tuesday, falling 0.55 percent to close at 6,167.01 points after turning negative following a positive start to the session. Losses in New York and a continued rise in European natural gas prices weighed on the eurozone benchmark index. Outside the eurozone, the Swiss SMI trimmed initial gains to finish 0.36 percent higher at 13,927.52 points, benefiting from gains in defensive heavyweights following an advance at the start of the week. The British FTSE 100 edged down slightly to 10,650.33 points.
The price of European natural gas continued its upward trend from previous sessions, reaching another multi-year high. Recent attacks on commercial vessels in the Strait of Hormuz and increased efforts to fill gas storage facilities ahead of winter drove the price increases.
Technology stocks performed the weakest among sectors, with semiconductor companies suffering from weak leads from the US and Asia. Media reports of heightened Chinese competition in artificial intelligence fueled concerns. ASML shares dropped more than four percent at the bottom of the EuroStoxx.
Chemical stocks marked the strongest sector performance, rising more than nine percent to lead the SMI following recent quarterly earnings. Analysts at ZKB described the performance as an impressive acceleration in growth.
Investors also favored media stocks, buoyed by business results from the advertising and communications group Publicis, whose shares climbed over two percent in Paris. Analysts highlighted strong growth despite a decline in the technology segment, and the French company reaffirmed its full-year organic revenue growth forecast. Following this, shares of British advertising service provider WPP gained more than four percent to lead the FTSE 100.
