28.05.202516:06:10UTC+00European Stocks Decline

European stocks witnessed a decline in afternoon trading on Wednesday, finishing significantly lower as pressure mounted across most major sectors. The Eurozone's STOXX 50 decreased by 0.7%, closing at 5,380, while the pan-European STOXX 600 slipped 0.6% to settle at 549. Investors chose to reduce their positions in riskier assets ahead of Nvidia's upcoming earnings report in the United States, driven by concerns over tariffs and export controls affecting the chipmaking giant. This could potentially impact global stocks. Notably, European-traded tech giants saw a decline, with companies like SAP, ASML, and Infineon each experiencing a decrease of approximately 1%. Meanwhile, banks faced notable losses due to a retreat in European bonds, with BBVA falling 2.3% and ING along with BNP seeing drops exceeding 1%. Conversely, German auto manufacturers ended the day on a strong note with over 2% gains by BMW, Volkswagen, and Mercedes Benz. Additionally, UniCredit rose 1% following its increased stake in Greek Alpha Bank, further supported by Moody's upgrades on Italian lenders.