The STOXX 600 fell 0.46% from a record-high close, while BaFin's audit of Zalando's financial statements over its About You acquisition weighed on retail shares.
European shares opened lower on Friday, led by technology stocks as investors digested broader weakness in the global sector and rising memory-chip costs tied to strong AI-driven demand. The STOXX 600 slipped 0.46% to 637.27 at 0711 GMT, pulling back from a record-high close in the previous session, though the benchmark remained on course for a weekly gain. Zalando fell 4.4% after BaFin, Germany’s financial regulator, said it launched an audit of the company’s financial statements, alleging that a transaction related to its acquisition of About You might have been omitted. The move wiped out most of the stock’s gains this year. The retail sector lost 0.5%, while the European technology index fell 1.5%, with chipmakers and equipment suppliers including Infineon, STMicroelectronics, BE Semiconductor and ASML all declining. Telecom and auto shares also moved lower as markets assessed how higher memory-chip costs could affect the sector outlook.