Tech stocks drag European shares lower after somber Wall Street earnings

European stocks slipped from one-month highs on Wednesday, with technology stocks leading the losses as disappointing results from Wall Street giants and a warning from Dutch semiconductor supplier ASM added to concerns about slowing economic growth.

The pan-European STOXX 600 index fell 0.2 percent by 0719 GMT. The index hit more than a one-month high in the previous session on hopes that the U.S. Federal Reserve could slow its pace of interest rate hikes.

Technology stocks were the biggest decliners, down 1.7 percent, after downbeat results from Wall Street tech giants including Microsoft Corp and Alphabet Inc.

Further, ASM International tumbled 8.7 percent, after the company said it expected new U.S. export restrictions to weigh heavily on its sales in China.

Heineken NV slid 7 percent after the world’s second-largest brewery reported a lower-than-expected rise in beer sales during the third quarter.

Mercedes-Benz slipped 0.7 percent, despite the German luxury carmaker raising its margin forecast for its cars division.