European Shares Fall Under Pressure From The Technology Sector

Technology stocks weighed on European shares at the open, as shares of Apple suppliers fell on downbeat expectations for the holiday period from the iPhone maker, while investors remained concerned about the prospects for monetary policy.

Shares of semiconductor companies S.T.Micron Electronics, Infineon Technologies, and ASML fell between 0.3% and 1% on supply chain concerns that caused Apple to lose $6 billion in quarterly sales.

The European technology index fell one percent, while the miners’ index fell 0.9 percent after Britain’s listed Glencore announced production data.

The pan-European Stoxx 600 index fell 0.5% in light of global anxiety that increased due to disappointing earnings data from major technology companies on Wall Street and continuing inflation fears.

German carmaker Daimler was among the gainers, gaining 1.4 percent after posting higher quarterly profits, despite a 30 percent drop in Mercedes-Benz sales due to the chip crisis.

Shares in French aircraft engine maker Safran rose 2.7 percent after it raised its target for annual cash flows.