Apple suppliers weigh on European shares as equity rally falters

Published : September 13, 2017 Updated : September 13, 2017
Reuters

LONDON (Reuters) - European shares faltered on Wednesday as a global equity rally showed signs of flagging, with Apple suppliers struggling after the new iPhone release disappointed with a later than expected shipping date.

 

The pan-European STOXX 600 <.STOXX> dipped 0.3 percent as weakness in chipmakers was compounded by a drop in miners <.SXPP>. [MET/L]

 

Euro zone stocks and blue-chips <.STOXX50E> held steady, while Germany's DAX <.GDAXI>, which touched its highest in nearly two months on Tuesday, fell back 0.1 percent.

 

Chipmakers supplying to Apple <AAPL.O> were among the worst performers, with AMS <AMS.S> down 3.2 percent, while Dialog Semiconductor <DLGS.DE> slipped 1.7 percent and STMicro <STM.MI> fell 1.1 percent.

 

Traders said their shares were under pressure due to Apple's new $999 iPhone X shipping later than expected, on November 3.

Chipmakers have been the best-performing among Europe's tech stocks this year, accounting for a large chunk of the sector's outperformance. AMS shares have gained 165 percent year-to-date.

The merging eyewear and lens makers Luxottica <LUX.MI> and Essilor <ESSI.PA> were also among the biggest fallers, down 1.9 to 2.1 percent. EU antitrust regulators were set to tell the firms of concerns they have over the merger this week.

Covestro <1COV.DE> was among a handful of risers, up 1.5 percent after German drugs and pesticides group Bayer <BAYGn.DE> sold a 9.4 percent stake in the firm.

(Reporting by Helen Reid, Editing by Kit Rees)

 
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