(Bloomberg) -- European equities edged lower but remained within striking distance of a record high, as a drop in tech stocks overshadowed gains in Barclays Plc and Air Liquide SA. 

The Stoxx 600 Index was down 0.1% by the close in London, with both the mining and technology sectors dropping 1.8%. Temenos AG and ASM International NV led tech declines as investors awaited Nvidia Corp.’s earnings due Wednesday amid sky-high expectations for artificial intelligence chip demand. Miners lagged as iron ore prices fell to a three-month low, with investors fretting about a recovery in Chinese steel demand after the Lunar New Year break.

Among single stocks, Barclays rallied as much as 9% after the bank said it would go on a major cost-cutting drive as part of Chief Executive Officer C.S. Venkatakrishnan’s efforts to boost returns above 12% in the coming years.

European stocks have been hovering near a record high in the past few days but unlike their US peers, have not yet been able to break through.

Frederic Rozier, a portfolio manager at Mirabaud WM in Paris, believes it’s only a matter of time, however, for the pan-European Stoxx 600 index to cross its 2022 record, which is just a few index points away. 

“We’re going to go beyond — we can see that today with companies such as Air Liquide, which are still able to grow their margins,” he said. The French company rose as much as 6.4% to reach an all-time high after doubling its mid-term margin target. 

For more on equity markets:

• Is the Market Getting It Right About the Economy?: Taking Stock
• M&A Watch Europe: Santander, Barclays, Mycronic, Nobia

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--With assistance from Michael Msika.

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