European stocks closed broadly lower on Friday amid fresh concerns about valuations in the tech sector on reports OpenAI could delay its public market debut.
Uncertainty about US-Iran negotiations on ending the war following a fresh attack on a cargo vessel in the Strait of Hormuz hurt as well.
The New York Times reported OpenAI's advisers are pushing its chief executive, Sam Altman, to move slowly after SpaceX's stock has been volatile and as the start-up grapples with financial challenges.
The pan European Stoxx 600 settled 0.68% down. The UK's FTSE 100 ended lower by 0.21%, Germany's DAX dropped 1.29% and France's CAC 40 shed 0.55%. Switzerland's SMI finished with a loss 0.42%.
Among other markets in Europe, Austria, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain and Sweden closed weak.
Belgium, Czech Republic and Turkey ended higher.
In the UK market, Croda International ended nearly 5% down, while Whitbread, Airtel Africa, Polar Capital Technology Trust, BP and Barclays lost 2%-3%.
Investec, Aberdeen Group, Rolls-Royce Holdings, IG Group Holdings, Persimmon, Spirax Group, HSBC Holdings, Babcock International, Melrose Industries, Standard Chartered, Glencore and Barratt Redrow also ended notably lower.
Endeavour Mining, Coca-Cola HBC, The Sage Group, Burberry Group, Reckitt Benckiser, Admiral Group, AstraZeneca, Pearson, Fresnillo, BT Group, Compass Group, Tritax Big Box REIT, Sainsbury (J), Entain and LondonMetric Property gained 1.3%-3%.
British American Tobacco moved up more than 1% after it announced plans to launch another share buyback program during the closed period ahead of its July 30 half-year results.
In the German market, auto stocks were weak as investors assessed the potential implications of higher memory chip costs on the industry.
Porsche Automobil Holding and Volkswagen closed lower by 6.5% and 4%, respectively. Mercedes-Benz shed nearly 3% and BMW closed lower by 2.8%, while Daimler Truck Holding drifted down 1.3%.
Zalando ended lower by 6.3% after Germany's financial regulator, BaFin, launched an investigation into the company's 2025 financial statements.
Siemens Energy closed 5.8% down and Infineon fell by 4.5%. Deutsche Bank and RWE lost 2.7% and 2.5%, respectively.
Continental, Siemens, Heidelberg Materials, MTU Aero Engines, Deutsche Post and Dea Group also ended notably lower.
SAP, Adidas and Beiersdorf gained 2%-2.2%, while Henkel, Scout24, Vonovia and Commerzbank posted moderate gains.
In the French market, STMicroelectronics, ArcelorMittal and Safran closed down by 3%-3.3%, while Accor ended 2.7% down.
Stellantis, Legrand, BNP Paribas, Societe Generale, Airbus, Saint-Gobain, TotalEnergies and Schneider Electric shed 1.2%-2%.
Danone climbed more than 3%. Edenerd, Dassault Systemes, Sanofi and EssilorLuxottica gained 1.5%-2%. Teleperformance, Capgemini, Eurofins Scientific, Engie and Air Liquide also closed with notable gains.
