European chipmakers go down due to iPhone demand scare

European chipmakers go down due to iPhone demand scare

On Wednesday, European tech equities headed south because the region revived from a two-day trading holiday and market participants reacted digested reports that demand for Apple's iPhone X might be weaker than anticipated.

The pan-European STOXX 600 went down by 0.1%, reversing earlier profits because a downturn in the high-performing tech sector managed to outweigh firm mining as well as oil stocks.

As for euro zone blue chips, they also went down 0.1%, with the index moderately down on the month and also set for its second straight month of dips.

Meanwhile, tech stocks SX8P inched down 1%, which is the worst-performing sector because the market reacted to a downturn in Asian iPhone suppliers right after brokers cut their estimates for iPhone X shipments, telling that sales of the fresh model might undershoot hopes.

Chipmakers Infineon as well as STMicro dived respectively 1.5% and 2.3%.

 

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