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(Sharecast News) - European stocks were lower on Friday morning as a sharp selloff in tech stocks across Asian markets and higher oil prices fed into riskoff sentiment at the open.
The benchmark STOXX 600 was down 0.51% in early trade, with investors reducing their exposure to cyclicals and tech after a bruising overnight session for semiconductor and artificial intelligencelinked firms.
Asian markets tumbled after heavy losses in South Korea and Japan, where chipmakers led declines. SK Hynix dropped more than 10% and Samsung fell sharply, while the Nikkei slid nearly 3% as investors reacted to renewed concerns over global electronics demand.
European peers fell on the news, with ASML, ASM, Infineon, and BE Semiconductor all lower.
Sentiment was also it by simmering geopolitical tensions in the Middle East, which kept oil prices elevated and added to inflation worries and fears on interest rate rises this year.
Brent crude sat just below $85 a barrel as US troops boarded a vessel in the Strait of Hormuz as part of its renewed blockade of the waterway and crippled another trying to run the gauntlet.
Reporting by Frank Prenesti for Sharecast.com
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