European shares fell on Friday, weighed down by losses in technology stocks after disappointing earnings overnight by their major US counterparts rekindled concerns about global economic demand and the impact of high interest rates.
The pan-European STOXX 600 was down 0.5% as of 0812 GMT.
However, the benchmark index was on track for weekly gains, thanks to a strong increase on Thursday as the European Central Bank’s (ECB) hawkish message failed to derail investor hopes of the global rate hiking cycle nearing an end.
The technology sector index fell 0.6%, led by a near 2% drop in Apple supplier Infineon, while real estate stocks were down 1.5%.
Frankfurt-listed shares of US tech giants Amazon.com, Apple Inc and Alphabet Inc slid between 5% and 6% on disappointing earnings.
European stocks jump before rate decisions
Among others, French drugmaker Sanofi fell 4.7% after forecasting moderate 2023 earnings growth as strong demand for its bestselling drug, Dupixent, would be partly offset by generic competition for its multiple sclerosis pill, Aubagio.
Dutch navigation and digital mapping company TomTom jumped 9.4% after raising its 2023 guidance following better-than-expected fourth-quarter revenue.
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