Key facts
- European shares slipped at the open on Friday.
- The pan-European STOXX 600 index was set to log a 0.5% drop for the week.
- Technology stocks led declines, dropping 2% and pausing a two-month rally.
- Brent crude prices were at $95 a barrel and looked set to end the week higher.
- Bodycote shares slid 11% after Apollo Global Management indicated no firm offer.
- Raspberry Pi shares jumped 11.2% after raising its full-year profit forecast.
European shares edged lower at the open on Friday and were on track to finish the week marginally down, as uncertainty surrounding Middle East peace efforts prevailed. Technology stocks led the declines, pausing after a significant two-month rally. The pan-European STOXX 600 index was down 0.2% to 623.10 points by 0713 GMT and was set to record a 0.5% drop for the week. Brent crude prices were at $95 a barrel and appeared poised to end the week higher, with slim chances for a diplomatic resolution between the U.S. and Iran following earlier strikes. The Israel-Lebanon ceasefire also remained uncertain as Hezbollah rejected a U.S.-brokered pact. Technology stocks experienced a 2% drop, marking a pause after gaining over 33% in the past two months. Tech stocks in Asia and the U.S. also showed signs of slowing this week after disappointing results from Broadcom. European chip stocks such as Infineon and Aixtron fell more than 4% each, while AI equipment makers Legrand and Schneider Electric slipped about 1%. In UK midcaps, Bodycote shares slid 11% after the company stated Apollo Global Management does not intend to make a firm offer. Raspberry Pi shares jumped 11.2% after the company raised its full-year profit forecast, anticipating strong AI-related demand to significantly exceed market expectations.