European stocks rise as strong earnings offset global tech selloff

European stocks achieved their strongest weekly performance since June, with the STOXX 600 index rising over 2% for the week. This growth was driven by robust quarterly earnings that helped offset a global selloff in technology shares caused by concerns over AI infrastructure debt and Chinese competition.

Key contributors to the market resilience included semiconductor equipment maker ASML, Aixtron, which saw a 6% jump following strong order intakes, and telecom supplier Ericsson. Wind turbine manufacturer Nordex also surged over 12% after reporting higher-than-expected core profits.

While the energy and software sectors showed improved outlooks, the cyclical consumer goods sector faced headwinds. Specifically, automotive manufacturers such as Volkswagen and BMW saw lower deliveries due to declining demand in China. Despite these fluctuations, major indices including Germany’s DAX, Britain’s FTSE 100, and France’s CAC 40 all finished the week in positive territory.