The market value of the former three giants in European stocks has shrunk by 40 billion as geopolitical tensions overshadow European stock performance
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Golden Ten Data reported on March 31 that European stock markets lost €420 billion (approximately $481 billion) this quarter, with more than half of that driven by just three former market favorites. Together, these three account for only 3% of the index's total weight, yet suffered losses far disproportionate to their weighting. Once the champions of Europe's market capitalization, they have now fallen from grace, hit by industry downturns and new competitive threats, causing their post-2026 trading prices to drop significantly below peak levels. After missing out on the broad market rally in the first two months of this year, they were again affected in March by the global sell-off triggered by the Iran conflict. Dutch chip equipment maker ASML was one of the few winners during this period. Currently the largest company in Europe by market capitalization, ASML’s stock price rose over 20%, adding nearly €74 billion to its market cap, boosted by demand from the AI sector.
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