European markets were pulled down by technology stocks Friday after Amazon worse-than-expected earnings Thursday sent waves through the sector.
The Euro Stoxx 600 Technology index was 1.63% down at 11:17 BST, compared with a year-to-date increase of 13.61% and outpacing the fall of 1.15% in Stoxx 600 index.
Chip equipment maker ASML Holdings was down 2.45% at €129.70. STMicroelectronics shares were marked 2.47% lower at €14.24. Infineon (IFNNY) lost 0.59% to €18.56.
The move by European stocks followed that of Asia. Toshiba shares closed 10.88% down in Tokyo, while Tencent’s shares ended the day 1.17% down.
Amazon Thursday reported adjusted earnings were 40 cents per share, which fell well short of Wall Street’s expected $1.41 per share. Earnings were down 77% from the year-ago quarter. Revenue jumped 25% year-over-year to $37.9 billion, however, surpassing analysts’ projected $37.2 billion.
Benchmark indices were down throughout Europe. The U.K.’s FTSE 100 lost 0.74% to 7,388 and Germany’s Dax hit a three-month low, down 0.74% to 12,121.
France’s CAC 40 was at its lowest level since April, falling 1.36% to 5,116.65 after data showed consumer spending slowed down considerably in June, raising concerns about the sustainability of France’s rising economic momentum.
Frontpage November 4, 2019