European Stocks End Friday in Negative Territory
The pan-European Stoxx Europe 600 index fell 0.55%, or 3.11 points, to close at 564.79. Stoxx 600's tech index also plummeted 2.07%.
Stoxx 600's automobiles and spare parts index rose 0.76%, while the banks index lost 0.82% on Friday's close.
Germany's DAX 40 was down 0.69% to 23,569.96 points, while the UK's FTSE 100 index lost 0.55% to reach 9,682.57.
France's CAC 40 index dropped 0.18% to 7,950.18 points and Italy's FTSE MIB 30 fell 0.35% to 42,917.67.
Valuation Concerns Spread Globally
Mounting worries about excessively elevated price-to-earnings ratios for American technology giants suppressed risk appetite throughout European trading floors.
Anxieties surrounding bloated valuations, centered predominantly within the US technology sphere, are radiating outward from European markets to trigger heightened caution among global investment communities.
Steep selloffs across prominent American tech equities have intensified alarm bells regarding market overextension and the looming threat of a severe price correction.
Currency Movement
The euro/dollar parity was at 1.1572, up 0.22% as of 1820GMT.
The cross-Atlantic valuation debate underscores growing unease that artificial intelligence-driven market enthusiasm may have pushed technology sector prices beyond sustainable levels, prompting portfolio managers to reassess exposure amid correction risks.
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