European shares slip as tech stocks, Mideast tensions weigh

European shares slipped at the open on Friday and were set for weekly losses as investors reduced exposure to technology amid escalating Middle East tensions and a global selloff in tech stocks. The pan-European STOXX 600 index fell 0.6% to 639.94 points by 0707 GMT, with traders also rotating out of semiconductor shares over concerns about elevated valuations after earlier gains. Europe’s tech sector dropped 2.3% and led declines, with Soitec down 3.6% and ASMI and ASML each falling more than 4%. Expectations from chip leaders, including ASML and Taiwan’s TSMC, were not enough to stabilize sentiment. In company news, Burberry shares slipped 1.7% as the Middle East conflict weighed on tourist spending, while Saab rose 3.4% after reporting stronger-than-expected operating profit growth.