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Apple weakness bites European shares

Tim Cook Apple picWed close: London stocks slumped on poor reception of Apple‘s figures and weak metal prices which weighed on the miners-heavy index.

The FTSE100 fell  to its lowest level in more than a week as the computer giant gave a cautious outlook. Question marks hang over metals demand from China.

The blue-chip index closed 1.5% down at 6,667.34 points after falling to 6,653.39, the lowest level in more than a week.

Apple’s missed expectations impacted on chip designer ARM Holdings which slipped 6.6%, making it the biggest decliner in the Footsie. Apple uses ARM’s processor designs in its iPads, iPhones and watches.

Weak guidance and earnings from global tech giant Microsoft added to negative sentiment towards the tech sector. Across Europe, technology stocks shed nearly $6 billion of market value.

Among risers, easyJet surged 4.9% after it said higher demand for beach holidays helped support revenues.

Land Securities was a high riser after saying it has had a solid start to the year and is maintaining good momentum, with healthy take-up in London, low vacancy rates and rental values rising.

 

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