Tech stocks weigh on European shares after Apple's warning



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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

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