European shares steady as tech gains offset Middle East ceasefire caution

European equities held steady on June 29 as gains in technology offset caution tied to a fragile Middle East ceasefire. The pan-European STOXX 600 was at 636.13 points at 0709 GMT, essentially unchanged, while technology stocks led sectoral advances with a 1.1% rise. Investor focus also turned to the likelihood of upcoming monetary-policy signals, especially at the European Central Bank’s Sintra conference where Federal Reserve Chair Kevin Warsh and ECB President Christine Lagarde are expected to speak. In company news, Nagarro surged 90% after Persistent of India offered €81 per share to acquire the AI-led digital engineering firm. The backdrop includes last week’s tech selloff, the sharpest weekly decline since mid-March, amid concerns about AI valuation levels and expectations of higher rates to address energy-driven inflation. Crude prices edged up 0.6% to $72 a barrel as markets assessed shipments through the Strait of Hormuz, with a renewed interim ceasefire shaping bullish brokerage views. J.P. Morgan also recently raised its European year-end equity target.