European stocks fall after Apple's comments

3 Jan 2019 12:41 PM

The first warning on Apple's 12-year earnings prompted European stocks to fall on Thursday as the technology sector received a particularly violent blow as chip makers fell as suppliers to the phone maker dropped sharply.

EuroStoxx 600 index fell 0.7% as Europe joined the sell-off seen in Asian markets amid growing concerns about slowing global growth after Apple's announcement.

Apple, listed in Frankfurt, fell 8.9% after the technology giant cut its revenue forecasts, blaming iPhone sales in China, which is hit by a trade war with the United States.

Apple chip makers offer some of the worst losses. AMS, which provides the latest handsets with facial recognition sensors, lost 19.4 percent, slipping the performance on the Stokes index.

Dialog Semiconductor lost 7.8%, while Infineon, ASML, ASM International, Logitech and MT Microelectronics lost 3.4% to 5.9%. The technology sector index was the worst performer, shedding 2.4% while only telecom stocks rose.

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