European Shares Inch Lower Amid Tech Selloff, Inflation Worries
(RTTNews) - European stocks traded lower on Friday as AI-driven jitters continued to weigh, and the Persian Gulf conflict dragged on.
Oil prices headed for a 10 percent weekly gain amid escalating Middle East tensions. Tehran launched strikes against several countries across the Gulf and wider region after the U.S. launched a wave of strikes against Iran for the sixth night in a row over control of the Strait of Hormuz.
State media reported that the U.S. had hit civilian infrastructure, including bridges, a train station and an airport.
Iran's Revolutionary Guards (IRGC) reportedly hit targets in Oman, Kuwait and Bahrain amid an expanding regional confrontation. They also claimed to have attacked a U.S. special operations command center in Syria.
The pan-European STOXX 600 fell 0.7 percent to 639.27 after rising 0.2 percent on Thursday.
The German DAX dipped 0.8 percent and France's CAC 40 shed 0.9 percent while the U.K.'s FTSE 100 was marginally higher, led by energy stocks such as BP Plc and Shell.
Tech stocks suffered heavy losses, with Infineon Technologies falling 6 percent and ASML Holding declining 4.7 percent.
Swedish builder Skanska fell 2.3 percent after reporting second-quarter revenue in line with expectations.
Industrial bearings maker SKF slumped 5.5 percent after second-quarter sales came in flat.
Saab surged 4.8 percent after reporting a sharp rise in second-quarter earnings.
Danish lender Danske Bank dropped 1.1 percent despite beating Q2 profit forecasts and raising its full-year outlook.
Share of British luxury fashion house Burberry plunged 7 percent. The company's recovery continued in Q2 even as European & Middle East sales fell 3 percent amid the Iran war.
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