European Stocks Decline Amid Tech Concerns

European stocks declined due to disappointing sales growth from France's Legrand, causing a cascade in tech stock confidence. Legrand's significant drop influenced stocks like Schneider Electric and Siemens Energy. Overall, the STOXX 600 slipped, with Commerzbank and Zalando recording contrasting earnings results in the third quarter.

European stocks experienced a decline on Thursday, primarily driven by weaker-than-expected sales growth from France's Legrand. The data center equipment maker saw its stock plummet 11.2%, inciting a trading halt, as its sales growth of 11.9% fell short of predictions, exacerbated by U.S. tariffs.

The ripple effect was felt among other electrical equipment giants, with both Schneider Electric and Siemens Energy losing around 2% each. The broader market dynamics saw the pan-European STOXX 600 drop 0.2% to 570.58 points by 0818 GMT.

In other notable market movements, Commerzbank saw a 2.3% drop due to a surprise decrease in third-quarter net profits. In contrast, online fashion marketplace Zalando observed a 6.7% increase, buoyed by a 21.6% surge in gross merchandise volume. This week's decline in European equities also reflects global investor concerns over potentially overvalued tech stocks.

(With inputs from agencies.)