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EUROPE MARKETS: European Markets Shocked By Apple Downgrade

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01/03/2019 | 05:05am EST

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 -3.16% 25.12 Delayed Quote.10.10%
CAC 40 -0.42% 4847.53 Real-time Quote.3.07%
DAX -0.41% 11090.11 Delayed Quote.5.03%
DIALOG SEMICONDUCTOR -0.69% 23 Delayed Quote.2.04%
EURO STOXX 50 -0.39% 3112.8 Delayed Quote.4.45%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
INFINEON TECHNOLOGIES -1.84% 18.175 Delayed Quote.4.66%
MARKS & SPENCER GROUP -0.07% 286.2 Delayed Quote.15.78%
NEXT 0.49% 4749 Delayed Quote.18.99%
ROYAL MAIL 1.02% 297.2 Delayed Quote.9.22%
STOXX EUROPE 600 -0.36% 355.09 Delayed Quote.5.75%
STOXX ITALY 45 (EUR) -0.37% 87.82 Delayed Quote.7.45%
TESCO -0.14% 220.4 Delayed Quote.15.94%
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