Overview of Amsterdam’s stock exchange interior in Amsterdam, Netherlands, September 11, 2019. REUTERS/Piroschka van de Wouw/File Photo Purchase Licensing Rights, opens new tab
- Airbus tumbles on profit warning
- Other aero-related stocks slide
- Tech, industrials lead sell-off
- STOXX 600 down 0.3%
June 25 (Reuters) – European shares declined on Tuesday as Airbus tumbled after a profit warning and dragged down aerospace-related stocks, while technology shares slumped tracking the overnight selloff on Wall Street.
tumbled nearly 11%, and was among the biggest drags on the index, after Europe’s largest aerospace group cut its industrial and financial targets and took a hefty 900 million euro ($965 million) charge for its troubled space activities.
Its profit warning and forecast for fewer plane deliveries dragged jet-engine manufacturers Rolls-Royce
and MTU Aero Engines
lower.
Indeed, the wider STOXX Europe aerospace and defence index
slid 5.1%, on track for its biggest one-day drop since November 2021.
The tech sub-index
, which houses some of Europe’s biggest chip-related firms, dropped 1.4%, tracking the Nvidia-led
pullback in U.S. stocks.
Still, some market strategists spotted an opportunity in tech stocks, whose 14% gain so far this year places it among the best-performing sectors in Europe.
“We’re seeing a pretty healthy broadening of a longer-term equity rally … tech stocks had an amazing run and it’s nothing but healthy that they’re taking a bit of a pause giving opportunity to investors to catch their breath and reposition,” said Tom Gehlen, senior market strategist at SG Kleinwort Hambros.
The market’s focus would remain on the first round of French parliamentary elections later in the week.
Paris stock market operator Euronext’s CEO said the prospect of a politically extreme party with little or no government experience reaching power is worrying investors.
Among other stocks, Germany’s Merck
shed 9.7%, after the drug maker said it has stopped its trials for xevinapant in advanced head and neck cancer.
On the flip side, French lab testing firm Eurofins
gained 5.3% after falling as much as 25% on Monday when short seller Muddy Waters took a short position in the company.
UK-based insurer Admiral Group
rose 2.2% after brokerage Berenberg upgraded its rating to “buy”.
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Reporting by Shashwat Chauhan in Bengaluru and Jesus Calero in Gdansk; Editing by Rashmi Aich and Savio D’Souza
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