European shares slip as tech selloff bites, Zalando slides

European shares declined as the STOXX 600 closed 0.7% lower, with the tech sector falling 1.2% amid uncertainty over AI-driven memory chip costs. Zalando slid 6.3% after German regulator BaFin launched an investigation into its 2025 financial statements, while chipmakers Infineon and STMicroelectronics dropped 4.5% each and ASML fell 1%. US inflation breaching 4% in May reinforced expectations of a Federal Reserve rate hike, and traders are pricing in a possible 25 basis point ECB rate hike by year-end.