ISTANBUL

The Netherlands-based semiconductor manufacturer ASML secured a market value of $376.7 billion at the end of September, becoming the most valuable firm in Europe in the third quarter of the year.

Tariff-induced uncertainties and the war in Ukraine decided the European market’s direction in January–September, while changes in the financing costs of European firms contributed to the developments, as well as the total 100 basis point cuts by the European Central Bank (ECB) so far this year.

ASML’s top market cap was followed by German firm SAP with a value of $311.2 billion.

Fashion and luxury clothing brands were some of the most valuable firms in Europe in the third quarter.

French fashion conglomerate LVMH Moet Hennessy Louis Vuitton reached a market value of $306.4 billion, becoming the third most valuable company in Europe, followed by Dutch investment group Prosus with $303.2 billion, French luxury designer Hermes with $241.9 billion, and Danish drugmaker Novo Nordisk with $241.9 billion.

Meanwhile, French cosmetics firm L’Oreal’s market cap reached $231.3 billion, followed by German tech firm Siemens with $209.43 billion, Dutch aircraft maker Airbus with $181.2 billion, and Spanish ready-to-wear fashion group Inditex with $171.8 billion.

At the same time, Prosus was the best-performing company in Europe, as its share price surged 56.3% since the end of last year to €59.94 (about $70.2). The stock performance of Chinese tech giant Tencent contributed to Prosus’ performance, as the Dutch firm holds significant shares in the company.

Airbus was Europe's second most performant company, with a 27.5% increase in shares, as it rose to nearly replace Boeing following the 737 Max aircraft accidents.

Meanwhile, ASML's stock rose 22.01%, Siemens' 21.5%, and L'Oreal's 7.8%.

Novo Nordisk's shares have fallen 44.7% since the beginning of the year, to 344.65 Danish krone ($54.05), after the company announced plans to lay off 9,000 of its 78,400 employees worldwide.

The Danish pharmaceutical company announced that it will restructure to focus resources on growing diabetes and obesity treatments.

In the first nine months of the year, LVMH shares fell 18.1%, Hermes 10.29%, and Inditex 5.38%, while German tech firm SAP’s shares also declined 3.55%.