European shares subdued as Mideast tensions outweigh ASML's strong forecast

European shares were subdued on Wednesday as Middle East tensions curbed risk appetite despite a technology-led rally after ASML’s upbeat outlook. The pan-European STOXX 600 slipped 0.1% to 641.07 points by 0709 GMT, with most sectors in the red. Technology stocks gained 1.4%, led by ASML shares rising about 6% after it raised its 2026 financial forecasts, supporting expectations for AI-driven demand. Chip-related peers ASM and Soitec added more than 2% each. In Germany, the benchmark fell nearly 1% as SAP dropped around 2%, while other software firms such as Dassault Systemes and Capgemini lost more than 1% each. Oil was cited at $85 per barrel as Iran shuts the Strait of Hormuz, adding to pressure on sentiment. Richemont rose 5.3% after stronger-than-expected first-quarter results.