Tech stocks weigh on European shares after Apple's warning
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
Oct 29 (Reuters) - Technology stocks dragged down European equity markets on Friday as Apple's suppliers fell on the back of a downbeat holiday-quarter forecast from the iPhone maker, while investors remained nervous about the monetary policy outlook.
Shares in semiconductor companies AMS AMS.S , STMicronelectronics STM.MI , Infineon Technologies IFXGn.DE and ASML ASML.AS lost between 0.3% and 1%, weighed down by supply chain woes that cost Apple Inc AAPL.O $6 billion in quarterly sales.
Europe's tech index .SX8P fell 1%, while miners .SXPP dropped 0.9% after UK-listed Glencore's GLEN.L production update.
The pan-European STOXX 600 .STOXX dropped 0.5% by 0711 GMT amid a nervous global mood fuelled by disappointing earnings updates from Wall Street's tech giants and persisting inflation fears.
European Central Bank President Christine Lagarde on Thursday disappointed market expectations that she would push back firmly against recent moves in markets which are pricing in two rate hikes by December 2022.
Among gainers, premium German carmaker Daimler DAIGn.DE added 1.4% after posting a higher quarterly profit despite a 30% drop in Mercedes-Benz sales due to the chip crisis.
French aerospace group Safran SAF.PA rose 2.7% after it raised its full-year cashflow target, while re-insurer Swiss Re SRENH.S gained 3.3% after reporting strong net profit results as it recovers from the pandemic.
Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.