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European stock markets decline as technology stocks experience heavy selling
European markets experienced a sluggish start today following heightened geopolitical tensions in the Middle East, leading to a 0.6% decline in the Stoxx 600 index, which fell to 639.94 points. The technology sector was the most affected, plunging by 2.3%, with some major companies like Switek and ESMI losing over 4% due to concerns over rising sector valuations after previous gains. The wave of sell-offs also extended to Asian and American markets, despite positive financial results from some tech companies, as investors moved to sell and seek safe havens amid global economic uncertainty and escalating political tensions. Conversely, sectors such as luxury goods and defense industries attempted to hold steady, with stocks like Swedish Sapa rising by 3.4%, amid expectations of shifts in liquidity positions and defensive performance due to increasing international tensions.
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