European Shares Trip on Global Tech Bump and US Inflation Spike

3-line summary

• European indices were mixed Thursday, per Investing.com: the STOXX 600 fell 0.25% (giving back the prior day's gains), Germany's DAX fell 0.4%, France's CAC 40 rose 0.1%, and the UK's FTSE 100 rose 0.5%. European tech and chip-equipment stocks were described as the 'epicenter' of the selloff — ASML fell 6.4%, ASM International fell 9.8%, Infineon fell 8.6%, and STMicroelectronics fell roughly 7% — with rate-sensitive growth stocks also weak.
• Among individual movers, paper company Mondi fell about 10% and copper producer Antofagasta fell about 6%, both on earnings-related moves. The report attributed the selloff to the US 10-year Treasury yield jumping to 5.266% after hotter-than-expected US CPI data, which hit high-valuation tech stocks first.

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