Data provided by McGregor BFA
All data is delayed
Loading...
See More

Apple disappointment hits European shares

Jan 24 2013 10:41 Reuters

Flags of the EU member states fly outside the European Parliament in Brussels. (AFP, File)

Related Articles

European shares slip on US fears

European shares lifted by China

Shares, euro edge up

Earnings worries hit European shares

US fiscal cliff risks European shares

Wary investors dump shares, euro

 
London - European shares edged lower on Thursday, as weaker than expected figures from U.S. giant Apple fanned earnings worries in the technology sector, offsetting more bullish economic data out of China.

By 10:04, the FTSEurofirst fell 3.58 points, or 0.3% to 1 164.07. The index has been trading in a tight 10-point range since nearing two-year highs at the start 2013, with traders torn between the macro and micro developments.

Early on Thursday it was micro concerns helping drag the index lower after the world's largest tech company Apple late on Wednesday reported a third straight quarter of weaker than expected revenues. 

Tech stocks were down 0.3% with ARM, whose chip designs are used in many of Apple's products, down 1.7%, while mobile handset maker Nokia, which reports earnings at 13:00, fell 1%.

"Apple's outlook is weighing on sentiment in the tech sector and the wider market this morning," Jawaid Afsar, a sales trader at Securequity, said.

"Markets have run up well and a pause for breath is to be expected. All the major benchmarks are looking overbought and any short term correction will be seen as a buying opportunity but the longer-term trend is still to the upside," he said.
 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

apple  |  ftse  |  european shares
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

'Zuma's legacy will be judged by Nkandla'

The legacy of President Jacob Zuma is contingent on how he deals with the issue of upgrades to his Nkandla homestead, says Cape Town Archbishop Thabo Makgoba.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...