European shares muted on AI valuation concerns; Middle East tensions linger

July 10 (Reuters) - European ‌shares were ​muted ​on Friday as broader gains were largely offset by declines in technology ‌stocks while investors assessed renewed Middle East ⁠tensions that put the benchmark on track for ‌declines this week.

The pan-European ‌STOXX 600 rose 0.2% to 642.42 by 0714 GMT and remained on track for ​a weekly loss that could snap a four-week winning streak.

Most sectors on the STOXX ⁠600 were higher with miners leading gains with a 2% ​rise.

Travel and leisure stocks gained 1%, with airlines largely higher. UK's EasyJet jumped ​13.4% after agreed in ‌principle to a £5.7 billion ($7.65 billion) takeover approach from Apollo Global.

Chip stocks ⁠declined, with Siltronic and Soitec dropping 2% and 2.8% respectively. ASML slipped 2%.

Investors were cautious ahead ⁠of South Korea's SK Hynix's U.S. debut, as concerns ​lingered over elevated valuations across AI-related stocks that could limit the room for gains for the chipmaker.

On the ‌geopolitical front, Iranian forces attacked U.S. military infrastructure in Gulf states ‌on Thursday, further weakening a three-week-old ceasefire, ⁠and plunging markets, into ‌uncertainty over the ​conclusion of the conflict.

(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Nivedita ‌Bhattacharjee)

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