European markets steady as AI executives urge slowdown, oil surges
Business
European markets barely moved on Monday, but tech stocks took a hit after AI executives urged a slower pace of development over misuse worries.
At the same time, oil prices shot up thanks to new tensions in the Middle East.
All eyes are now on the US Federal Reserve, which might raise interest rates by 25 basis points this week.
Infineon, ASML, ASMI shares fall
Tech companies like Germany's Infineon and Dutch chip-equipment makers ASML and ASMI saw shares fall 5.8% to 4.4% and 5%, dragging down the sector overall.
Meanwhile, oil jumped more than 2% after attacks in Saudi Arabia and the Gulf raised supply fears.
With inflation still an issue and global uncertainty high, investors are playing it safe while they wait for news from the Fed.