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Tech slide drags European shares lower as Brexit delay looms

Published 10/23/2019, 03:26 PM
Updated 10/23/2019, 03:32 PM
Tech slide drags European shares lower as Brexit delay looms
HEIN
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PEUP
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STMPA
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RENA
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VOLVb
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IFXGn
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TXN
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FTMC
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DLGS
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STOXX
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ISEQ
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SX8P
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SXAP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Oct 23 (Reuters) - European shares fell on Wednesday as a
warning from U.S.-based Texas Instruments about a slowdown in
the global tech industry weighed on European technology stocks,
while UK lawmakers hit the pause button on Britain's exit from
the European Union.
The tech sector .SX8P fell 1.3%, dragged down by shares of
STMicroelectronics STM.MI , Dialog Semiconductor DLGS.DE and
Infineon Tech IFXGn.DE after poor forecasts from sector proxy
Texas Instruments TXN.O . The pan-European STOXX 600 index .STOXX fell 0.4% by 0711
GMT. FTSE midcap stocks .FTMC and Irish equities .ISEQ ,
barometers of Brexit expectations, lost 0.3% and 0.2%
respectively.
UK lawmakers approved Prime Minister Boris Johnson's deal on
Tuesday, but defeated his proposal to push the legislation
through Parliament in three days, prompting Johnson to recommend
that the European Union delay the Oct. 31 deadline for the UK to
leave the bloc. Carmaker PSA Group PEUP.PA fell 0.6%, weighing on auto
stocks .SXAP , after the company lowered its outlook for major
auto markets, confirming trouble for the sector after last
week's poor earnings from Renault RENA.PA and Volvo
VOLVb.ST .
Heineken HEIN.AS shares dropped 1.5% after the world's
second-largest brewer forecast operating profit this year would
be at the lower end of its previous outlook.

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