STOXX 600 down; set to notch weekly gain
Euro zone Jan. business activity grows PMI
Sanofi falls on moderate profit growth forecast

Feb 3 Reuters European shares fell on Friday, weighed down by losses in technology stocks after disappointing earnings overnight by their major U.S. counterparts rekindled concerns about global economic demand and the impact of high interest rates.

The panEuropean STOXX 600 was down 0.3 as of 0915 GMT.

However, the benchmark index was on track for weekly gains, thanks to the jump on Thursday as the European Central Bank39;s ECB hawkish message failed to derail investor hopes of the global rate hiking cycle nearing an end.

Global central banks are now somewhat laying the groundwork in unison for a pause in hiking rates later this year, but the ECB seems furthest from a likely stopping point.

The technology sector index fell 0.8, with Apple supplier Infineon dropping nearly 2, while real estate stocks were down 1.7.

Frankfurtlisted shares of U.S. tech giants Amazon.com , Apple Inc and Alphabet Inc slid between 5 and 6 on disappointing earnings, while Wall Street39;s main indexes will likely open lower.

The U.S. has a major exposure in Europe, so this U.S. tech earnings will weigh on overall sentiment globally and in Europe especially, said Sutanya Chedda, European equity strategist at UBS. But the market is already aware that growth is slowing in the U.S.

Meanwhile, a survey showed business activity in the euro zone bounced back to…