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European stocks close lower as technology stocks decline
European stocks closed lower on Wednesday, continuing the negative sentiment seen in the previous two trading sessions as technology stocks fell.
The regional STOXX 600 index ended trading with a decline of 0.43%, with most major stock exchanges in the region declining and sectors trading mixed.
ASML, a major supplier of chipmaking equipment, saw its shares fall 5.3% as its third-quarter sales forecast failed to meet expectations. This decline in ASML's forecasts has contributed to the weak performance of the broader technology sector.
A report also contributed indicating that the United States of America is considering implementing the most stringent trade restrictions to date. The move will be a response to companies that continue to give China access to advanced semiconductor technology. This news has raised investors' concerns about the potential impact on global trade relations.
In contrast to the suffering of the technology sector, Adidas announced a 4.5% increase in the value of its shares after revising its full-year earnings forecast upward, supported by a stronger-than-expected performance in the second quarter. Shares of Puma, a competitor in the sportswear industry, also achieved gains of 2.5%.
