European shares were little changed in early trading on Wednesday as gains in technology stocks were offset by declines in banks, with investors assessing the impact tight monetary conditions have had on corporate performance.
The pan-continent STOXX 600 index edged up 0.1% by 0720 GMT, hovering around one-week highs, with the technology sector gaining 2.4%.
Tech stocks got a boost after ASM International raised its second-quarter revenue forecast, citing stronger-than-expected Chinese demand and higher sales in advanced logic and memory, sending the wafer processing equipment supplier’s shares up 12.2%.
Techs boost STOXX to one-week high; euro zone data on tap
Keeping a lid on gains, the euro zone banking sector dropped 0.9%, bogged down by a 9.6% fall in Swedish lender Handelsbanken after it reported first-quarter net profit below market expectations due to rising expenses.
Also weighing on the STOXX, Swiss drugmaker Roche lost 2.3% after its first-quarter sales slipped by 6%, while Kering declined 9.3% after the luxury good maker said it expects a 40% to 45% plunge in first-half operating profit.
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