European shares slip on global tech slump; Zalando down on regulator action

EUROPEAN shares opened lower on Friday, with technology shares tracking global sector weakness, while Zalando fell after Germany’s financial regulator launched a probe into the retailer’s accounts.

The pan-European Stoxx 600 index was down 0.46 per cent at 637.27, as of 0711 GMT, retreating from a record-high close in the previous session. The benchmark, however, is on track for a weekly gain.

Shares of Zalando fell 4.4 per cent after BaFin launched an investigation into the online fashion retailer’s 2025 financial statements, citing evidence the company breached accounting regulations.

The broader retail sector lost 0.5 per cent

Meanwhile, uncertainty around the global technology sector prevailed, with investors focused on a surge in memory chip costs as a result of strong AI-driven demand. Asian equities fell sharply overnight, while Wall Street’s tech-heavy Nasdaq futures lost about 1 per cent.

In Europe, the tech sector fell 1.5 per cent

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Chipmakers Infineon and STMicroelectronics slipped 2.9 per cent and 3.2 per cent, respectively. On the other hand, semiconductor equipment makers BE Semiconductor and ASML dropped 3.5 per cent and 1.2 per cent, respectively.

Telecom companies Ericsson and Nokia were down 1 per cent and 2.1 per cent, respectively.

Auto stocks also came under pressure, falling 0.4 per cent, as investors assessed the potential impact of higher memory-chip costs. REUTERS