European Stocks Dip Amid Tech Sector Tumbles

European shares fell on Friday due to technology sector weakness and a probe into Zalando's accounts. The STOXX 600 index dipped 0.46% but still aimed for a weekly gain. Uncertainty in technology, particularly semiconductor costs, affected global markets, leading to declines in tech and auto stocks.

European shares opened lower Friday, influenced by global weakness in technology stocks and a regulatory investigation into Zalando's finances.

The pan-European STOXX 600 index fell 0.46% to 637.27, showing potential for a weekly gain despite this downturn. Zalando shares dropped 4.4% after German financial regulator BaFin began probing potential accounting breaches.

Globally, the technology sector faced uncertainty due to rising memory chip costs, leading to declines in Asian equities and a 1% loss in Nasdaq futures. In Europe, tech stocks fell 1.5%, impacting companies like Infineon and STMicroelectronics. Telecom and auto sectors also faced pressure from soaring semiconductor costs.