**European Market Brief: Commodities Rally Counters Earnings Pressure** **Thursday Market Recap** European equity markets staged a resilient rebound on Thursday, January 29, defying a heavy drag from the luxury and technology sectors. The recovery was fueled primarily by a surge in commodity-linked stocks, as intensifying geopolitical tensions drove investors toward safe-haven assets and energy plays. **Sector Performance & Drivers** * **Commodities Surge:** The mining and energy sectors outperformed, lifting the broader indices. Precious metals hit historic levels, with **Gold** and **Silver** prices reaching new peaks amid safe-haven inflows. Oil prices also climbed, with **Brent Crude** touching a four-month high as traders priced in escalating supply risks from the Middle East. * **Luxury Under Pressure:** Sentiment in the consumer discretionary space remained fragile following disappointing earnings. **LVMH** shares tumbled approximately **7.3%**, weighing heavily on the sector. Peers including **Kering** and **Hermès** tracked lower, as the industry grapples with softening global demand. * **Tech Volatility:** Technology stocks faced significant headwinds. Europe’s largest software company, **SAP**, plunged over **11%** after its fourth-quarter revenue missed market estimates, casting a shadow over the sector's growth outlook. **Key Indices & Data** While the **STOXX 600** managed to trade in positive territory for much of the session—rising **0.2%** in early trading—gains were capped by the steep losses in heavyweight constituents. The index ultimately faced resistance near the close as investors digested the mixed corporate scorecard against a backdrop of macroeconomic uncertainty. **Market Outlook** Heading into the week's close, attention remains fixed on geopolitical developments and the remaining slate of corporate earnings. The divergent performance between defensive commodity stocks and cyclical consumer sectors highlights a market currently driven by risk-off sentiment and selective rotation.