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European stocks eased from records on Wednesday as a fresh pullback for chip producers offset support from an improving macroeconomic backdrop. The Euro STOXX 50 dropped 0.6% to 5, and the STOXX Europe 600 fell 0.4% to 640. ASML and Infineon fell 4.6% each, tracking the AI infrastructure sector globally amid fresh uncertainty on whether the historical rally for chip producers has been overdone. Other companies with exposure to data centers and their power declined, with Siemens, Schneider, and Siemens Energy dropping between 3.1% and 1.5%. In turn, the software side rallied on respite from US hyperscaler giants. Also, banks were mostly higher as softer-than-expected inflation in the Eurozone limited expectations of another rate hike by the ECB this year. UniCredit added 0.6% and Deutsche Bank jumped 0.4%. The bloc's inflation rate fell to 2.8%, below expectations of 3%, and the core gauged fell to 2.4%.

European Stocks Drop from Records

The FTSE MIB fell 0.2% to close at 51,604 on Wednesday, pressured by energy producers and continued volatility in AI-related stocks. ENI dropped 2.6% and Saipem lost 3.5% as restored oil exports from the Middle East lowered global prices. AI-related stocks weakened following their rally this week, with STMicroelectronics (-3.3%) and Prysmian (-2.2%) posting notable losses. Meanwhile, defense stocks advanced after the UK announced a reallocation of €15 billion in defense spending, boosting Leonardo (+4.4%), Fincantieri (+1.5%), and Avio (+1.1%). Banking stocks were mixed following softer-than-expected inflation data in the Eurozone, with UniCredit adding 0.5%. Also on the financial front, Unipol added 3.9% after receiving an upgrade from Intermonte. Nexi soared 6.4% on a strong session for payment infrastructure globally.

FTSE MIB Edges Lower

The DAX 40 closed about 0.2% up at 25,069 after a choppy session on Wednesday, extending the prior session's gains and outperforming regional peers. Defense stocks led gains, with Rheinmetall up 5% after reports that Germany plans to partner with the U.S. to boost domestic weapons production. Other German defense companies also rose, including Hensoldt (+4.8%) and Renk (+4.7%). Other top performers included SAP (+5%), Scout24 (+3.6%), Fresenius SE & Co (+2.7%), while Infineon Technologies (-4.1%), Siemens (-2.6%) and Hochtief (-2.4%) lagged.  At the ECB’s Sintra Forum, ECB President Christine Lagarde noted that risks to inflation and growth in the euro area have become less pronounced, while Fed Chair Kevin Warsh highlighted lower inflation risks.

DAX Outperforms in Europe

The unemployment rate in Russia edged down to 2.1% in May 2026 from 2.2% in the previous month. The number of unemployed declined slightly to 1.6 million from 1.7 million, while the labour force edged up to 76.3 million from 76.2 million. Employment increased to 74.7 million from 74.5 million, lifting the employment rate to 61.5% after a 0.3% rise. The persistently tight labour market reflects widespread labour shortages across sectors, driven by military recruitment following Russia’s invasion of Ukraine in February 2022, and ongoing emigration. Authorities expect conditions to remain constrained for years, forecasting a labour shortfall of around 3.1 million workers by 2030.

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