AMSTERDAM, Jan 20, 2026, 00:44 CET — Market closed
- Shares of ASML slipped Monday in Amsterdam as investors stepped away from European exporters.
- Tariff threats tied to Greenland have spiked volatility, keeping traders jittery ahead of potential swings later this week.
- Next up: talks on the EU’s response and ASML’s earnings for January 28.
ASML Holding’s shares dropped 4.0% to close Monday at 1,120.40 euros, snapping its recent upswing after tariff developments shook the European tech space. 1
This change matters because it introduces fresh political risk to a stock widely viewed as a gauge of global chip demand. ASML, known for its high-end lithography machines used in making advanced semiconductors, typically sees selling pressure whenever trade disputes flare up.
In Amsterdam, the AEX slipped 1.73%, dragged lower largely by ASML, which slid to 46.80 euros. Dutch competitor ASM International (ASMI.AS) bucked the trend with a modest rise, underscoring the market’s growing focus on individual company performance. 2
The STOXX 600 saw its steepest one-day drop in two months, dragged down by a 2.9% slide in European tech stocks. The euro zone volatility index (.V2TX), measuring short-term market expectations through options, jumped 3.75 points to its highest mark since November, Reuters reported. 3
The spark was President Donald Trump’s threat to impose new tariffs beginning Feb. 1 on imports from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain. The duties are set to rise to 25% by June 1 unless the U.S. secures approval to purchase Greenland. He made the announcement on Truth Social, Reuters reported. 4
Global markets grew cautious with U.S. cash equities on hold for Martin Luther King Jr. Day, while stock futures slipped. “There is obviously a response (in financial markets) to the new tariff threats,” noted George Lagarias, chief economist at Forvis Mazars. 5
Some investors leaned on history. “Markets have learned that tariff threats get watered down or delayed,” said Charu Chanana, chief investment strategist at Saxo. But she warned that when tariffs are tied to geopolitics, the risk premium tends to become more “sticky” and harder to gauge. 6
EU ambassadors have decided to increase pressure on Washington while preparing a retaliation strategy, Reuters reports, ahead of an emergency summit in Brussels on Thursday. One option under review is reactivating a 93 billion euro tariff package on U.S. imports that had been paused. The bloc is also considering using its “anti-coercion instrument,” which could target services or investment access. 7
The Greenland-related threat reignited talk of a “Sell America” trade, sending the dollar down as investors weighed if this is just a short-term shock or signals tougher policy ahead. “I’m sure that there are a lot of people … fairly aghast at what happened over the weekend,” said Francesca Fornasari, head of currency solutions at Insight Investment. Reuters also flagged an impending U.S. Supreme Court ruling on the legality of Trump’s tariffs, adding more uncertainty. 8
The risk for ASML is straightforward: if discussions escalate, customers could delay receiving equipment, stretch out payment schedules, or pause spending until tariff and EU countermeasure details firm up. On the other hand, any sign of relief could quickly boost exporters after their sharp one-day drop.
ASML will report its Q4 and full-year 2025 results on Wednesday, Jan. 28. The earnings statement is scheduled for 07:00 CET, with a press conference featuring CEO Christophe Fouquet and CFO Roger Dassen at 11:00 CET. An investor call will follow at 15:00 CET. 9
Traders are watching Davos closely, where Trump plans to meet global CEOs on Wednesday. Attention will also be on any changes in Europe’s stance during the Brussels meeting on Thursday. For ASML, the crucial date to watch is Jan. 28. 10
