European stocks stabilize amid investor caution after global technology sector decline
European stocks stabilized during today's trading, Tuesday, in light of investors' caution following the sharp losses suffered by global technology companies' shares in the previous session, as a result of escalating concerns about the slowdown in economic growth in the United States and the possibility of sliding into recession due to escalating trade tensions.
The pan-European Stoxx 600 index fell 0.07 percent by 08:14 GMT, after falling to its lowest level in about a month yesterday.
On Wall Street, the Nasdaq, which includes major technology companies, fell 4 percent, reaching its lowest level in about six months, raising concerns about global markets.
Travel and leisure stocks led the list of sectoral losses in Europe, down 1.6 percent, while healthcare stocks fell 1.2 percent. Banks also lost 0.9 percent, after benefiting recently from an improvement in the spending outlook in Germany.
In contrast, Volkswagen shares rose 3.2 percent after announcing a positive forecast for a slightly higher operating profit margin in 2025. The auto and parts sector index rose 0.9 percent.
On the other hand, Redcare Pharmacy shares rose by 12.3 percent, after the company revealed its annual results and announced optimistic expectations for its performance in 2025.
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