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European stocks decline amid technology slump and rising geopolitical tensions

European stocks decline amid technology slump and rising geopolitical tensions

European stocks declined noticeably at the start of Friday's trading session, due to escalating tensions in the Middle East and investors reducing their holdings in global technology stocks because of their high valuations and a wave of selling that affected the sector. The Stoxx 600 index fell by 0.6%, led by a 2.3% drop in the technology sector, with shares of companies like ASM International and SweTIC dropping by over 4%. Meanwhile, other sectors such as luxury goods performed better, rising around 3%. The ongoing military escalation and the targeting of vital infrastructure drove oil prices higher, boosting shares of energy companies. Additionally, Swedish defense systems company Saab saw a 3.4% increase after announcing record profits.

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