European Stock Market: Indices start the day with losses, follows chipmakers' shares

European markets receive pressure due to weaker chipmakers' and British drugmaker. The strike on a Gaza hospital added tension to President Joe Biden's visit to Israel. UK market took a hit following a decline in Wall Street stocks. rowing concerns about an escalation in the Middle East conflict added to the overall negative sentiment, influencing the market downturn.

Semiconductor equipment maker ASML Holding experienced a 3.4% loss after reporting lower-than-expected orders and warning of flat sales next year. This, in turn, dragged down shares of other chipmakers like ASM International, Aixtron, and BE Semiconductor, impacting Europe's technology sector. Finnish telecommunications giant Nokia Corporation is set to implement an aggressive cost reduction plan, involving layoffs of 9,000 to 14,000 employees.

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