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By Sruthi Shankar

(Reuters) -European stocks slipped on Wednesday, led by technology stocks, as disappointing results from Wall Street giants and a warning from Dutch semiconductor supplier ASM added to concerns about slowing economic growth. 

The pan-European STOXX 600 index slipped 0.2% after  hitting more than a one-month high in the previous session on hopes that the U.S. Federal Reserve will slow its pace of interest-rate hikes.

Technology stocks were the among biggest decliners, down 1.7%, after weak results from megacap co*panies including Microsoft Corp and Alphabet Inc. [.N]

Further, ASM International tumbled 8.2% after the chip supplier said it expected new U.S. export restrictions to weigh heavily on its sales in China.

“Our economists predict recession for the U.S., eurozone and the U.K. in 2023. We suggest this is likely to pose a significant headwind to corporate profits,” Berenberg analysts said in a note.

“Consensus 2023E net inco*e growth estimates for the S&P 500, STOXX 600 and FTSE All-Share remain co*fortably in positive territory. This is inconsistent with leading macro indicators and suggests further downgrades are likely in co*ing quarters.”

A recent survey signalled a sharp contraction in European business activity in October amid surging inflation and rising interest rates, but hopes that the Federal Reserve will hit pause after a rate-hike spree this year and some upbeat earnings have supported markets recently.

Analysts expect European co*panies to post a profit growth a 31.3% in the third quarter, as per Refinitiv data, a slight improvement from the 28.4% forecast last week.

Meanwhile, the European Central Bank is widely expected to push ahead with another 75 bps rate increase on Thursday in an attempt to tame inflation, taking the deposit rate to 1.5%, its highest since early 2009.

Heineken NV slumped 7.3% after the world’s second-largest brewery reported a lower-than-expected rise in beer sales in the third quarter and said it has seen signs of slowdown in demand in some European markets.

Norwegian fish farmers gained, with shares of SalMar, Mowi and Leroy Seafood Group up in the range of 4.6% and 8.1%.

A trader pointed to a local media report suggesting the Norwegian finance minister is considering adjusting the new salmon tax.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)