European shares were broadly unchanged in mid-morning trade Wednesday, after a two-day holiday break. Gains in commodity-related stocks were countered by a weaker tech sector, as chip makers and other tech related stocks slipped on news orders for the iPhoneX could disappoint.
By 1030 BST, the EUROSTOXX 600 was 0.08% lower, as was the EUROSTOXX 50.
Regional bourses were also generally little changed from opening levels as the German DAX and French CAC were both within 0.04% of where they began the trading day. The Spanish IBEX, meanwhile was 0.22% lower.
Tech stocks lose out
As analysts shared their estimates of iPhoneX sales – which range from 25 million – to 45 million units – European-based tech stocks have been out of favour in Wednesday morning trade.
Apple suppliers were among the least popular stocks:
- Dialog Semiconductor shares slid 4.33% to €24.30.
- AustriaMicrosystem shares, meanwhile, slumped 9.11% to trade at CHF88.25.
Other chipmaker shares also declined as investors appeared to shun the broader tech sector on the Apple sales news.
Infineon Technolgies shares were off 1.06% at €22.96, STMicro shares were 1.94% in the red at €18.23, Siltronic shares declined 3.37% to hit €118.95, while BE Semiconductor shares dropped 1.83% to trade at €69.31.
However, the tech sector has been the best performer across 2017 and some analysts have said the decline isn’t a huge surprise, with some investors likely seeking to take profits - the Apple news could be seen as a catalyst for that action.
While the fallers are marginally the dominant group around mid-morning Wednesday, there were a number of positive stock movements, too.
European car stocks BMW and Daimler were both in the green, trading up 0.06% at €87.56 and 0.48% to €71.65, respectively.
Some commodity related stocks were also higher. Shares in Glencore, Rangold Resources and Anglo American all trading in the green. The Royal Dutch Shell share price, meanwhile, was up 0.93% at £2,494.50.