European stocks fall on selloff in tech stocks, escalating tensions in Middle East
European stocks fell on Friday, as rising geopolitical tensions and a selloff in technology stocks weighed on the market. The Stoxx Europe 600 index closed down 0.3%, almost erasing all gains for the week. Chip stocks followed losses in U.S. and Asian markets, with ASML and BE Semiconductor Industries falling 3.8% and 4.5% respectively. The technology sector was the worst performer, falling to its lowest level since May. Previously, an unexpected breakthrough by Chinese artificial intelligence startup Dark Side of the Moon sent shockwaves through global markets. Burberry Plc's shares fell 6.4% after reporting first-quarter sales that fell short of expectations; Lagercrantz Group AB's shares fell 7.1% due to disappointing results. Growth in investment income drove Swedish private market investment company EQT AB's performance to exceed expectations, sending its stock price up 11%. European stocks have retreated from record highs as investors assess the impact of rising tensions between the United States and Iran on oil prices and inflation. Market concerns about further escalation have intensified as Iran refuses to make concessions on control of the Strait of Hormuz.