Sat, May 27, 2023

European Stocks Declined Due to Apple’s Warning

Stocks and investors

On Tuesday, European stocks experienced problems after Apple warned that the coronavirus outbreak might affect its revenue forecasts. The fears over the potential economic impact continue to affect the markets.

The German DAX index declined 0.58% or 80.49 points to 13704.45. Meanwhile, the U.K.’s FTSE 100 index fell 0.70% or 52.03% to 7381.22. Moreover, the French CAC 40 index dropped 0.20% or 12.44 points to 6073.51. The pan-European Stoxx 600 declined 0.4% by early afternoon.

On Monday, tech giant Apple announced that it wouldn’t be able to meet its second-quarter revenue forecast. The problems connected with global iPhone supplies as well as weakened Chinese demand will have a dramatic impact on the company

As of Monday, according to China’s National Health Commission, a total of 72,436 people are infected.

Apple’s problems affected the suppliers of the tech giant. As a result, shares in Hong Kong as well as in Japan and South Korea fell by more than 1.3%. Moreover, U.S. stocks also retreated from record highs.

Stocks and main factorsStocks and ongoing problem

Several other factors also influenced stocks. For example, Europe’s largest bank HSBC reported that is missed 2019 earnings expectations to record a 32.9% fall in pre-tax profit. According to the bank, full-year-tax profit was $13.35 billion.

The bank also plans to reduce the number of employees by 35,000 over the next three years. Moreover, HSBC’s London-listed shared fell at the bottom of the Stoxx 600.

French rail company Alstom reached an agreement with Bombardier. Alstom will buy the rail division of Bombardier. Alstom’s shares declined by 4.7%.

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On Monday, Italian bank Intesa Sanpaolo launched a 4.86-billion-euro takeover bid for rival Ubi Banca. This move helped to boost the shares of Ubi Banca as well as Intesa Sanpaolo. Ubi Banca shares rose 23% while Intesa added almost 2%.

European companies suffered due to Apple’s warning. Shares of Dialog Semiconductor fell by more than 4%. Moreover, shares of ASMI also declined by more than 4%.



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