Oil Price Dip Can't Lift European Stocks Amid Tech Slump
European stock markets closed largely unchanged on Monday despite some sector-specific losses.
The pan-European STOXX 600 index remained flat at 644.52 points, having touched its highest level since July 7 earlier in the day.
Tech stocks took a hit, with ASML's 8.4% decline leading a 1.7% drop in the technology sector.
The decline was sparked by news that China is making strides in domestic production of immersion deep ultraviolet lithography machines, challenging ASML's dominance in chipmaking technology.
Energy stocks were also affected, with a 2% decline as Brent crude oil prices fell 7.2% to below $90 per barrel due to easing tensions between the US and Iran.
However, lower oil prices boosted airline prospects, with Lufthansa, IAG, and Ryanair all seeing over 1% gains.
Chris Beauchamp, chief market analyst at IG, noted that European stock markets may remain resilient if oil prices continue to decline.