AMSTERDAM, Jan 20, 2026, 00:44 CET — Market closed
- ASML shares fell Monday in Amsterdam as investors pulled back from European exporters.
- Tariff threats linked to Greenland have driven up volatility, leaving traders on edge for further swings this week.
- Coming up: EU response discussions and ASML’s earnings report for January 28.
ASML Holding’s stock (ASML.AS) fell 4.0%, ending Monday at 1,120.40 euros, breaking its recent rally amid tariff news that rattled the European tech sector. (Investing)
This shift is significant since it adds new political risk to a stock often seen as a barometer for global chip demand. ASML, which sells top-tier lithography equipment for producing advanced semiconductors, usually faces selling pressure whenever trade tensions rise.
In Amsterdam, the AEX dropped 1.73%, weighed down notably by ASML, which fell to 46.80 euros. Meanwhile, Dutch rival ASM International (ASMI.AS) managed a slight gain, highlighting the rapid shift toward company-specific outcomes in the market. (Investing)
The STOXX 600 posted its sharpest daily decline in two months across the region, with European tech shares dropping 2.9%. The euro zone volatility index (.V2TX), which tracks expected short-term market moves via options, surged 3.75 points, hitting its highest level since November, Reuters reported. (Reuters)
The trigger came when President Donald Trump threatened new tariffs starting Feb. 1 on imports from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain. The duties would climb to 25% by June 1 unless the U.S. gets the green light to buy Greenland. He announced this on Truth Social, Reuters reported. (Reuters)
Global markets turned cautious as U.S. cash equities paused for the Martin Luther King Jr. Day holiday, while stock futures dipped. “There is obviously a response (in financial markets) to the new tariff threats,” said George Lagarias, chief economist at Forvis Mazars. (Reuters)
Some investors relied on past lessons. “Markets have learned that tariff threats get watered down or delayed,” said Charu Chanana, chief investment strategist at Saxo. Still, she cautioned that when tariffs link to geopolitics, the risk premium can become “stickier” and tougher to price. (Reuters)
EU ambassadors have agreed to ramp up pressure on Washington while readying a retaliation plan, Reuters reports, as Europe prepares for an emergency summit in Brussels on Thursday. Among the measures considered is reviving a 93 billion euro tariff package on U.S. imports, which had been on hold. Another tool on the table is the bloc’s “anti-coercion instrument,” potentially aimed at services or investment access. (Reuters)
The Greenland-linked threat sparked renewed chatter about a “Sell America” trade, pushing the dollar lower as investors debated whether this is a temporary blip or the start of tougher policy. “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 highlighted an upcoming U.S. Supreme Court decision on the legality of Trump’s tariffs, adding another layer of uncertainty. (Reuters)
The downside for ASML is clear if talk turns into action: clients might push back on tool deliveries, extend payment deadlines, or hold off on spending altogether while awaiting clarity on tariffs and EU countermeasures. The flip side is just as obvious. Even a hint of easing could swiftly lift exporters, especially following a steep one-day sell-off.
ASML is set to deliver its fourth-quarter and full-year 2025 earnings on Wednesday, Jan. 28. The company will release its press statement at 07:00 CET, then hold a press conference with CEO Christophe Fouquet and CFO Roger Dassen at 11:00 CET, followed by an investor call at 15:00 CET. (ASML)
Traders will also be eyeing Davos, where Trump is set to meet global CEOs on Wednesday. They’ll look for any shift in Europe’s position at the Brussels meeting on Thursday. For ASML, the key date remains Jan. 28. (Reuters)
