March 28, 2023

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European Shares Decline On Disappointing US Tech Earnings

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European stocks declined on Friday, as investors digested key tech earnings released after the U.S. market close on Thursday and awaited the all-important U.S. jobs data due later in the day.

Investors also awaited final January PMI (purchasing managers’ index) readings from the region and December producer price figures for directional cues.

The pan European STOXX 600 dropped 0.6 percent to 456.68 after climbing 1.4 percent in the previous session on hopes that the global rate hiking cycle would end soon.

The German DAX lost 1 percent and France’s CAC 40 index shed 0.7 percent while the U.K.’s FTSE 100 was marginally higher.

Tech stocks were moving lower, with Infineon falling nearly 2 percent.

French drug major Sanofi slumped 4.5 percent. The company expects business earnings per share to grow low single digit at CER in fiscal 2023, barring unforeseen major adverse events.

TomTom NV jumped 8 percent after narrowing its fourth-quarter net loss.

Asian markets ended mixed earlier in the day despite data showing that China’s services sector activity expanded for the first time in five months in January.

U.S. stock futures retreated after Apple, Google parent Alphabet and Amazon all reported disappointing financial results.

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2023-02-03 03:58:55

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