Tech tumble gives EU stocks the Monday blues

Tech tumble gives EU stocks the Monday blues

On Monday, a huge slump in Apple suppliers as well as other tech shares affected EU stocks in opening deals, thus more than compensating well-received election outcomes Italy and France.

Stocks in chipmakers STMicro and Dialog went down more than 4%, reacting to heavy losses at American as well as Asian counterparts.

Friday’s worst fall in Apple stocks for 14 months on Wall Street sparked a storm of profit-taking across richly valued tech shares, which have jumped to record peaks this year.

The EU’s tech index dived 2.3%, leading sectoral outsiders in Europe and on track for its greatest one day loss since October 2016. The index has jumped approximately 40% for the previous year to reach a 15 year peak earlier this month.

The STOXX 600 decreased 0.4%, mildly underpinned by revenues in crude prices that raised stocks in energy shares and also by parliamentary election outcomes in France.

Italian lender UBI Banca turned to be the number one gainer on the STOXX with its 3% leap.   

 

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