European Shares Slide On Memory Cost Concerns

(RTTNews) - European stocks declined on Friday as a global tech sell-off gathered pace and a container ship was attacked near the coast of Oman, forcing a pause on evacuations of stranded seafarers.

The pan European Stoxx 600 fell 0.9 percent to 634.57 after climbing 0.8 percent to reach a record high on Thursday.

The German DAX tumbled 1.3 percent, while France's CAC 40 and the U.K.'s FTSE 100 both were down around 0.6 percent.

The euro extended its recovery for a second consecutive session after a European Central Bank survey showed Eurozone consumers cut their price growth expectations for the next year in May and kept them steady for three and five years ahead.

Tech stocks tumbled on concerns about rising semiconductor costs. Infineon lost 3.8 percent, STMicroelectronics gave up 2.8 percent, BE Semiconductor fell more than 2 percent and ASML Holding dropped 1.4 percent.

German automakers BMW and Mercedes Benz fell around 1 percent each as investors assessed the potential implications of higher memory chip costs on the industry.

AI demand is boosting some sectors, but at the same time creating pressures elsewhere in the tech supply chain.

Online fashion retailer Zalando plunged 5.5 percent after Germany's financial regulator, BaFin, launched an investigation into the company's 2025 financial statements, alleging that a transaction related to the acquisitions of About You might have been omitted.

BP Plc shares fell nearly 2 percent in London and Shell dropped more than 1 percent as Brent crude and WTI crude prices fell back near levels last seen in late February on easing supply concerns.

British American Tobacco rallied 2 percent after it announced plans to launch another share buyback program during the closed period ahead of its July 30 half-year results.

Mining giant BHP fell more than 1 percent after announcing updates to the executive leadership team.