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European stocks largely stabilized during Wednesday's trading, as investor caution over escalating tensions in the Middle East limited the impact of gains made by technology stocks, supported by strong forecasts from chip equipment maker ASML.

By 07:09 GMT, the pan-European STOXX 600 index fell 0.1% to 641.07 points, with most sectors posting mixed losses.

Oil prices rise as fighting between the US and Iran escalates

Technology stocks led gains, rising 1.4% supported by a 6% jump in ASML shares after the company raised its 2026 financial forecasts, boosting investor confidence in strong demand related to artificial intelligence technologies.

Shares of other chip-related companies, including ASM and Soitec, also rose more than 2% each.

In contrast, the German market underperformed the rest of the region, with the German index falling about 1%, impacted by a 2% drop in software company SAP shares. Other software stocks, including Dassault Systèmes and Capgemini, also fell more than 1% each.

Among notable stocks, Swiss luxury goods company Richemont, owner of the Cartier brand, jumped 5.3% after reporting better-than-expected first-quarter results, supported by strong demand for its jewelry in Asia and the Americas.

Investors are watching corporate results and future forecasts as oil prices rose to $85 per barrel, following escalating tensions between Iran and the United States and Tehran's closure of the vital Strait of Hormuz, heightening fears about the crisis's impact on the global economy and markets.

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