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EUROPE MARKETS: European Markets Shocked By Apple Downgrade

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01/03/2019 | 05:05am EDT

By Emily Horton

European stocks opened lower on Thursday as a surprise sales downgrade from Apple jolted markets.

As a result, the technology sector led the decline, with Switzerland's Ams AG losing 20%.

What are markets doing?

All European markets were struggling on Thursday, with the Stoxx Europe 600 dropping 0.6% to 335.16, having finished down 0.1% the previous day.

France's CAC 40 and Germany's DAX 30 both lost 0.8% and Italy's FTSE MIB was 0.6% off the pace at 18,233.13.

In the U.K., the FTSE 100 index of leading shares was down by 0.3% at 6,714.13.

The euro was up to $1.1382, having finished at $1.1466 late Wednesday in New York.The British pound was down to $1.2561 from $1.2745.

What is driving the market?

In a rare move, Apple downgraded its revenue projections to $84 billion for the quarter, about 9% less than the $91.3 billion estimate from analysts polled by FactSet.

In a letter to shareholders, Apple's CEO Tim Cook attributed the projected fall to China's slowing economy and recent U.S. tariffs on more than $200 million worth of Chinese goods. The company's shares fell 7.6% to $146 in after-hours trading on Wednesday.

Asian markets were mostly down as a result of Apple's announcement .

What stocks are active?

The technology sector led the top decliners in the Stoxx 600. Ams lost almost 20% on Thursday, while Dialog Semiconductor dropped by 7% and Infineon Technologies lost 4%.

Royal Mail was the top gainer for the Stoxx 600, jumping by just over 4%.

In the retail sector, Next gained 3%, while supermarket chains Tesco added 2% and Marks & Spencer Group PLC (MKS.LN) rose by just under 2%.

Stocks mentioned in the article
ChangeLast1st jan.
AMS -0.65% 31.9 Delayed Quote.36.29%
CAC 40 0.15% 5375.09 Real-time Quote.13.46%
DAX -0.21% 12072.84 Delayed Quote.14.56%
DIALOG SEMICONDUCTOR 2.27% 31.48 Delayed Quote.36.56%
EURO STOXX 50 -0.01% 3378.09 Delayed Quote.12.59%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
INFINEON TECHNOLOGIES -0.63% 14.3 Delayed Quote.-17.13%
MARKS & SPENCER GROUP 1.59% 219.4 Delayed Quote.-8.64%
NEXT 0.07% 5516 Delayed Quote.38.16%
ROYAL MAIL 2.48% 204.9 Delayed Quote.-26.52%
STOXX EUROPE 600 -0.18% 378.07 Delayed Quote.12.19%
STOXX ITALY 45 (EUR) -0.09% 92.8 Delayed Quote.11.94%
TESCO 1.15% 226.97 Delayed Quote.18.04%
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