European Equities Struggle Amid Tech Valuation Concerns

European stocks took a dip on Thursday, capping off a turbulent week for global markets. The pan-European STOXX 600 dropped 0.2%, reflecting concerns over high valuations in tech stocks, especially following disappointing results from French company Legrand. The index was set to close the week on a subdued note.

Early in the week, global equities faltered, partly due to the U.S. Federal Reserve's hawkish stance and fears of overvaluation in the tech sector. However, encouraging U.S. economic data helped ease fears, directing investor focus towards promising earnings reports from European companies.

Legrand, significantly impacted by U.S. tariffs, saw an 11% fall after reporting modest sales growth, triggering a pause in trading. Meanwhile, Novo Nordisk's shares increased by 3.6%, following a favorable court decision. Other notable movements included Zalando's 8.4% surge, and Adecco's 10.2% jump after strong quarterly results. In contrast, Commerzbank's shares slid 2.7% due to unexpected profit drops.