July 24 (Reuters) – European shares were largely unchanged on Friday and were on track for a weekly loss as investors assessed the impact of rising oil prices from heightened Middle East tensions as well as another round of corporate earnings.
The pan-European STOXX 600 index was flat at 639.36 by 0705 GMT.
Germany’s DAX rose as SAP gained 4.5% after the software group reported second-quarter current cloud backlog growth ahead of analyst expectations.
The broader technology index was little changed on Friday, after falling over 2% in the previous session following lacklustre updates from some chipmakers.
Energy stocks fell 0.6%, weighed down by Neste after the biofuel maker and oil refiner reported second-quarter core profit slightly below expectations.
Brent crude prices remained above $100 a barrel as attacks by Iran-aligned Houthis on Saudi tankers in the Red Sea escalated concerns about disruptions to oil supplies. [O/R]
Meanwhile, the U.S. administration imposed new tariffs of 10% and 12.5% on goods from 60 trading partners, over allegations of lax enforcement of forced labour bans, just as a temporary 10% global tariff expired.
(Reporting by Tharuniyaa Lakshmi and Purvi Agarwal in Bengaluru; Editing by Sonia Cheema)
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