BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were moving lower on Thursday as the Middle East conflict raged on and renewed concerns over AI spending weighed on technology stocks.
Both Tesla and Alphabet signaled higher spending, triggering broader valuation concerns.
Meanwhile, the euro strengthened against other major currencies ahead of the European Central Bank's (ECB) monetary policy announcement later in the day.
Following a 25-basis point (bps) increase at the June policy meeting, the ECB is anticipated to maintain policy rates unchanged.
Traders will parse through the monetary policy statement and comments made by ECB President Christine Lagarde during the press conference concerning the inflation outlook and monetary policy.
The pan-European STOXX 600 dropped half a percent to 643.88 after rising 0.6 percent on Wednesday.
The German DAX dipped 0.4 percent, France's CAC 40 shed 0.8 percent and the U.K.'s FTSE 100 was down 0.2 percent.
Tech shares were sharply lower after U.S. technology companies outlined significant capital spending plans, stoking fresh concerns about future returns on investment.
STMicroelectronics plunged 12.4 percent and Infineon Technologies tumbled 3.5 percent.
French lender BNP Paribas fell 1.4 percent despite reporting better-than-expected second-quarter profit and revenue.
Automotive supplier Valeo rallied 3.4 percent after first-half sales surpassed market expectations.
Oil major TotalEnergies added 2.7 percent after delivering a robust second-quarter performance.
Software maker Dassault Systemes gained 2.7 percent after delivering solid Q2 results and confirming full-year objectives.
German exchange operator Deutsche Boerse declined 1.3 percent despite reporting a 12 percent increase in second-quarter net profit.
Daimler Truck Holding surged over 4 percent after the truck maker raised its full-year revenue and profit outlook.
Repsol advanced 3.2 percent. The Spanish energy giant lifted the size of its second 2026 share buyback program to €500 million after second quarter adjusted net profit more than tripled from the same period last year.
Swiss food giant Nestle plummeted 6.5 percent after reporting a sharp decline in first-half net profit.
Drugmaker Roche rose 2.1 percent after confirming its outlook.
UniCredit lost over 3 percent. The CEO of the Italian bank said in an interview that the lender is aiming to exercise control of Commerzbank in the fourth quarter.
Finnish telecom gear maker Nokia gained 3.2 percent after reporting a bigger-than-expected rise in its quarterly comparable operating profit.
British Gas owner Centrica gave up 4.2 percent. The company said it would cut 1,300 jobs after half-year profit fell 18 percent.
Telecoms group BT was down about 1 percent after reporting a slight decline in profits for its fiscal first quarter.
EasyJet soared 5.5 percent. After reporting a 70 percent fall in third-quarter profit, the U.K. budget carrier flagged strong summer demand.
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