Economy

Stocksak: Tech stocks drag European shares down after sombre Wall Street earnings


© Stocksak. After Porsche’s IPO in Frankfurt, Germany on October 25, 2022, the graph of the German share price index DAX is shown. REUTERS/Staff

(Stocksak – European stocks fell from their one-month highs Wednesday. Technology stocks led the losses. The declines were caused by disappointing Wall Street results and ASM’s warning.

The pan-European index dropped 0.2% by 0719 GMT. The index reached a record high of more than one month in the previous session, in hopes that the U.S. Federal Reserve would slow down its rate of interest rate increases.

After disappointing Wall Street tech giants’ results, technology stocks fell 1.7%. Microsoft Corp (NASDAQ) and Alphabet [.N]

ASM International (OTC) also fell 8.7% after the company stated that it expects new U.S. export restrictions will severely impact its sales in China.

Heineken (OTC 🙂 NV fell 7.0% after the second-largest brewery in the world reported a lower-than expected rise in beer sales during its third quarter.

Mercedes-Benz fell 0.7% despite the German luxury carmaker increasing its margin forecasts for its cars division.

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Stocksak Editorial

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