European equities retreat from 5-month high as tech, defence shares drag

Reuters08-20

European equities retreat from 5-month high as tech, defence shares drag

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window

Aug 20 (Reuters) - European equities slipped on Wednesday, retreating from a five-month closing high in the previous session, after tech stocks tracked dour performances of their Wall Street peers and as the defence sector faced pressure for a second day.

The pan-European STOXX 600 index .STOXX was down 0.4%, as of 0707 GMT, with most major bourses trading in the red.

Britain's blue-chip FTSE 100 .FTSE dipped 0.2% after data showed UK inflation rose to 3.8% in July, its highest since early 2024 and in line with the Bank of England's expectations.

U.S. President Donald Trump said Washington might provide air support to Ukraine as part of a peace deal, but ruled out putting troops on the ground.

Shares of defence-linked companies .SXPARO dropped 1.5% in early trade. In the previous session, these stocks suffered their worst day in more than a month, pressured by news of a potential Ukraine-Russia summit, as hopes for de-escalation reduced demand for military-related assets.

Tech stocks .SX8P dropped nearly 1% a day after U.S. technology stocks tumbled on concerns over an AI stock bubble and uncertainty around the interest rate outlook.

Among other stocks, Alcon ALCC.S slumped 9.8% after the Swiss-American eye-care group cut its 2025 net sales outlook on expected impact of U.S. tariffs.

(Reporting by Twesha Dikshit in Bengaluru; Editing by Sherry Jacob-Phillips)

((Twesha.Dikshit@thomsonreuters.com;))

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