LIVE MARKETS-DeepSeek concerns set STOXX Tech for worst day since Oct

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DEEPSEEK CONCERNS SET STOXX TECH FOR WORST DAY SINCE OCT

It's risk-off in Europe today as the emergence of low-cost AI applications from China's Deepseek fuelled concerns that investments in the new technology might not be as significant as initially thought, hitting US and European leaders in the field.

While that might benefit companies that need to invest in AI to remain competitive, the focus on Monday was on possible disruptive effects on the tech space. The STOXX Tech .SX8P index fell 4.7%, set for its worst day since mid-October.

ASML ASML.AS declined 9% to a 2-month low, while ASMI ASMI.AS and BE Semi BESI.AS both fell around 12%.

European industrials .SXNP, which had also benefited from the AI-driven rally, were among the worst-hit on Monday, with a decline of 2.8%

Siemens Energy ENR1n.DE, which provides electric hardware for AI infrastructure, was the biggest STOXX faller, down around 20% at one point from a record high on Friday.

The broader regional index .STOXX was down 0.7%. The Swiss index SMI .SSMI was marginally positive, thanks to its defensive qualities and helped by gains in drugmaker stocks and food group Nestle NESN.S.

Here is your opening snapshot:

(Danilo Masoni)

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EARLIER ON LIVE MARKET:

BEFORE THE BELL: IT'S RISK OFF IN EUROPE CLICK HERE

CHINA'S AI CHALLENGER PUTS INVESTORS ON EDGE CLICK HERE