Euro stocks sink on tech, banking fear

Europe’s stock markets ended the week with sharp declines on Friday, part of a global equities sell-off sparked by poor results from the banking sector and fears of over-valuation in tech. London’s FTSE 100 was down 1.21 per cent compared to Thursday’s closing level, at 6,561.70 points. Germany’s DAX 30 shed 1.47 % to stand at 9,315.29 points and the CAC-40 in Paris lost 1.08 % to finish the week on 4,365.86 points. European stock markets were already in negative territory in the middle of the trading session as the tech sector continued a global sell-off but losses deepened when Wall Street opened. European tech stocks were especially badly hit, with shares in German semiconductor giant Infineon diving 1.56 % to 8.14 euros in Frankfurt. British chipmaker ARM Holdings plunged 4.58 % to 958 pence in London. And Alcatel-Lucent, a leading global supplier of telecom equipment for the Internet, saw its stock slide 1.85 % to 2.76 euros in Paris, according to AFP.