European shares dip as Apple supply chain warning pounds China-exposed stocks


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European shares dip as Apple supply chain warning pounds China-exposed stocks

On Tuesday, the 18th of February 2020, a gauge of European stock indices fell across the board following a revenue warning from the Cupertino-based iPhone maker Apple Inc. due to potential supply chain disruptions amid a fast-spreading novel coronavirus outbreak in China, eventually hammering down the European tech stocks exposed heavily to China trading and pounding the shares’ prices of iPhone parts’ manufacturers.

Nonetheless, despite a calamitous outlook on global supply chains following a cautioning of Apple Inc.’s quarterly sales and output that in effect had refilled the frets of a global scale economic slowdown, the regional pan-European STOXX 600 managed to wrap up the day 0.14 per cent lower, just a notch shy of its all-time closing highs aided by a wave of defensive buying alongside merger attempts of Italian lenders.

Meanwhile, referring to Apple Inc.’s warning on supply chain disruptions and quarterly sales due to the coronavirus outbreak in China which seemingly had tuned up the tone of European bourses on Tuesday’s (February 18th) market, an analyst at financial spread better Spreadex, Connor Campbell said on Tuesday’s (February 18th) European market wrap-up, “Investors are clearly very keen to keep buying.

It took something like a warning from Apple that investors weren’t willing to ignore. ” Quoting statistics, on Tuesday’s (February 18th) European market wrap-up, London’s FTSE 100 faltered 0.69 per cent to 7,382.01, French CAC 40 shed 0.48 per cent to 6,056.82, while Frankfurt’s DAX dwindled 0.75 per cent to round off the day at 13,681.19.

Elsewhere in the Europe, Madrid’s benchmark IBEX 35 fell by 0.16 per cent to 10,005.80, while Italy’s FTSE MIB soared 0.41 per cent to wind down the day at 25,223.51, boosted by a giant leapfrog of Italian banking index ,FTIT8300, which had climbed 1.6 per cent to a 1-1/2 years high following a 24 per cent spacedive of UBI Banca.