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European shares ease as AI-driven tech selloff deepens

By Reuters News

Oct 30 (Reuters) - European shares inched lower on Friday as technology stocks came under pressure from renewed concerns over AI investment returns, although the benchmark index remained on track for a monthly gain thanks to strong corporate earnings.

The pan-European STOXX 600 index .STOXX fell 0.25% to 647.49 by 0809 GMT but was set to post both weekly and monthly gains.

Technology stocks led declines on Friday, with the sector index .SX8P down 2%, after earnings from Amazon AMZN.O and Intel INTC.O reignited investor concerns about the sustainability of heavy AI-related spending and the returns it can generate.

Political uncertainty in France also weighed on sentiment this month, as the country faces mounting pressure from rising living costs and elevated government debt.

Still, robust earnings from the likes of ASML ASML.AS, Shell SHEL.L and Airbus AIR.PA reinforced confidence in the health of European corporates and lifted investor sentiment.

BP BP.L rose 1.1% after posting third-quarter net income ahead of expectations, while German sportswear maker Puma PUMG.DE jumped 4% after quarterly earnings.

Among other movers, Bayer BAYGn.DE gained 4.1% after winning a trial on Thursday over claims by three women that its Roundup weedkiller caused their cancer.

Investors also awaited third-quarter euro zone gross domestic product figures later in the day.

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