Tech Valuations and Fed Briefing Stir European Shares

European shares experienced mixed reactions, with concerns over tech valuations following Oracle's underperformance impacting markets. Meanwhile, investor relief stemmed from the U.S. Fed's less hawkish stance. Notable market movements included SAP's drop, Naturgy's loss post-BlackRock's stake sale, and Schneider Electric's rise on share repurchase plans.

European shares exhibited subdued performance on Thursday, as fresh apprehensions regarding tech stock valuations, fueled by Oracle's weak forecast, tempered investor relief following the U.S. Federal Reserve's unexpectedly dovish comments.

The pan-European STOXX 600 edged up slightly by 0.2% to 579.07 by 0922 GMT. Regionally, bourses displayed an upward trend with France's CAC 40 climbing 0.6% and London's FTSE 100 inching up 0.1%. Technology stocks dipped 0.3%, led by SAP's 2.6% decline after Oracle fell short of analyst predictions for sales and profits, sparking wider market anxiety.

Utilities saw a 0.7% drop, largely due to Naturgy's 5.4% fall after BlackRock exited a 7.1% stake sale. The Federal Reserve, at Wednesday's meeting, cautioned against immediate interest rate reductions, hinting at patience pending labor market clarity. This was perceived as less aggressive, providing some relief. Leading gains were Schneider Electric with a 3.8% jump on its share buyback announcement, and industrial and banking sectors contributing positively.

(With inputs from agencies.)