EUROPE MARKETS: European Stocks Dragged Lower By Tech, Brexit Concerns
November 16 2018 - 12:16PM
Dow Jones News
By Barbara Kollmeyer, MarketWatch
ASML, AstraZeneca among the big decliners
European markets struggled Friday, finishing in the red and with
chunky weekly losses, as concerns about the U.K.'s Brexit deal
again hit top banks, and chip makers were dented after Nvidia Corp.
warned on weaker sales ahead.
What are markets doing?
The Stoxx Europe 600 closed 0.2% lower at 357.71, bringing the
week's losses to 2.2%.
The French CAC 40 ended down 0.2% at 5,025.20, with a weekly
slip of 1.6%, while Germany's DAX 30 wrapped up the day off 0.1% at
11,341. The U.K.'s FTSE 100 dipped 0.3% to finish at 7,013.88. It
produced a weekly drop of 1.3%.
The euro rose to $1.1392 from $1.1332 on Thursday in New York,
while the pound was last trading at $1.2848, up from $1.2774.
What drove the market?
Turmoil around the announcement of U.K. Prime Minister Theresa
May's Brexit deal with the European Union has weighed on London
stocks, and rippled across to Europe on Thursday, and some of that
continued into Friday's trading session. Resignations from key U.K.
cabinet members on Thursday raised concerns that the country could
end up leaving the bloc with no concrete deal.
But the pound was finding strength Friday, which leaned on big
U.K. exporters that get a chunk of their sales in other currencies.
And Brexit drama also could add to worries about global growth
after Germany's economy contracted for the first time in three
years earlier this week.
Technology stocks in Europe were feeling the heat from
disappointing quarterly results by Nvidia Corp. (NVDA) late
Thursday, which added to pressure on U.S. stocks
(http://www.marketwatch.com/story/nasdaq-poised-to-fall-1-at-the-open-as-nvidia-weighs-on-stock-market-chip-makers-2018-11-16).
Stock movers
AstraZeneca PLC (AZN.LN) (AZN.LN)(AZN.LN) fell 1.8% . The
company reported negative results
(http://www.marketwatch.com/story/astrazeneca-cancer-drug-trial-misses-the-mark-2018-11-16)
from its cancer drug Imfinzi on Friday.
Brexit concerns again hit banks like HSBC Holdings PLC (HSBA.LN)
(HSBA.LN) , which fell 0.6%, moderating steeper losses earlier by
the close.
Fallout from Nvidia left major chip stocks such as ams AG
(AMS.EB) , the Apple Inc. (AAPL) supplier which cut its own outlook
earlier this week
(http://www.marketwatch.com/story/ams-joins-list-of-apple-suppliers-trimming-outlooks-2018-11-14).
Shares ended 5.4% lower.
Also hit, ASML Holding NV (ASML.AE) (ASML.AE) dropped 3% and
STMicroelectronics (STM.FR)(STM) fell 1.2%.
(END) Dow Jones Newswires
November 16, 2018 12:01 ET (17:01 GMT)
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