European stock market's former three giants' market value shrank by 400 billion Euros, and the dark clouds of war loom over the European stock market performance.

Sina Finance News on March 31st reported that European stock markets evaporated 420 billion euros in the quarter, over half of which was caused by three former market darlings. LVMH, SAP, and Novo Nordisk have all seen their stock prices plummet by about 30% this year, with the combined market value evaporating accounting for 53% of the total market value lost by the Stoxx Europe 600 Index component stocks. Their combined weight in the index is only 3%, but their losses far exceed this proportion. These former European market champions have now fallen from grace, being hit by industry downturns and new competitive threats, leading to their trading prices in 2026 being far below their peak. After missing out on the market rally in the first two months of the year, they were again affected by the global downturn in March triggered by the Iran war. Dutch chip equipment maker ASML was one of the few winners during this period. As the largest company by market value in Europe, boosted by demand from the AI industry, ASML's stock price has risen by over 20%, increasing its market value by nearly 74 billion euros.