European shares broadly flat in thin holiday trade

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.

European shares broadly flat in thin holiday trade

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.

Stock gainers

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. 

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