Europe slips from records after Apple cuts revenue forecast on coronavirus

2020-02-18 13:36:32 GMT (Economies.com)
Europe slips from records after Apple cuts revenue forecast on coronavirus

European stocks fell on Tuesday, pulling back from their all-time highs on profit taking, amid a global risk-off move, after the US tech giant "Apple" trimmed its revenue guidance during Q1 this year due to the potential impact of the coronavirus outbreak.

 

The Stoxx Europe 600 index was lower by 0.5% at 11:40 GMT, after it closed higher by 0.3% yesterday and posted its all-time high of 432.50 points, after Chinese government took new stimulus measures.

 

The index opened today's session lower, to pull back from its all-time highs on profit taking, with most of the major European exchanges and sectors falling today.

 

The mining sector saw the sharpest losses in Europe today, dropping by 1.4%, due to renewed fears over the impact of the coronavirus outbreak on the Chinese economy.

 

The US tech giant, Apple, trimmed its revenue forecasts for the first quarter of this year, and artists that to the coronavirus weakening the Chinese demand.

 

HSBC stocks also dropped 6%, after the largest European bank revealed a drop in profits during 2019 by 33% before tax, as the bank gained $13.35 billion, sharply lower than forecasts of $19.83 billion.

 

S&P 500 futures fell 0.7% today, with Wall Street coming back to work today, after a 3-day weekend, due to closing yesterday in observance of the Presidents Day.

 

Back to Europe, the Euro Stoxx 50 index lost 0.5%, France's CAC 40 fell by 0.5%, and the UK's FTSE 100 fell by 0.9%.

 

While the German DAX lost 0.9%, on profit-taking from its all-time high of 13,795.24 points.

 
 
 
  Symbol Last Change Chg.%
1.1135
0.0430
4.0163%
1.2455
0.0809
6.9509%
Tadawul
6376.62
49.70
0.79%
14.446
1.863
14.810%
21.828
-1.600
6.830%
24.84
-1.50
5.69%
1620.150
122.735
8.197%
 
 
US
 
Europe
 
Asia