When the U.S. sneezes, it seems Europe may not catch its cold in the same way it used to.
The Stoxx 600 is sitting close to record highs after recording its 7th positive week in eight, despite the tech-led devastation around it.
It’s been a different story across the pond. In a recent note, Deutsche Bank has started drawing comparisons to the dot-com bubble of 2000, and says the recent sell-off in AI and software-exposed stocks is showing no signs of easing. This week’s declines leave the S&P 500 down almost 30 percent from their October 2025 peaks.
Broader European stocks meanwhile, are looking more resilient.
The spike in volatility comes at a sensitive time for the corporate world, with earnings season in full swing. The big-tech releases from last week did little to calm nerves stateside, while some of Europe’s biggest names are preparing to report this week.
