European stocks are falling amid the resurgence of recession fears

European stocks fell on Wednesday, tracking losses on Wall Street overnight, after recession fears resurfaced in the United States after gloomy data erased the initial optimism sparked by strong results from tech giants Microsoft and Alphabet.

The European 600 index fell 0.4 percent by 0710 GMT, dragged down by technology shares, which fell 1.3 percent.

ASM International plunged 10.0 percent, the biggest loser on the index, after the Dutch semiconductor equipment maker reported lower first-quarter orders, attributing it to market conditions, despite reporting revenues that exceeded estimates.

Oil and gas stocks rose 0.7 percent, tracking oil prices.

Profits from Microsoft and Alphabet beat expectations, but recession fears in the world’s largest economy undermined investor sentiment.

Investors are closely watching comments from a group of European Central Bank policymakers scheduled to speak later on Wednesday for more clues about the bank’s tightening path.