European markets open lower after Apple's guidance weighs on tech stocks

Apple's supplier arm AG lost 12%, while Dialog Semiconductor Plc slid nearly 7%.

Jan 03, 2019 09:01 IST India Infoline News Service

EU stock marketEuropean stock markets opened lower on Thursday after a revenue guidance cut from Apple added to fears of a slowdown in global economic growth.

The Stoxx Europe 600 dropped 0.8% led by the technology sector.

Apple Chief Executive Tim Cook's letter to investors, in which he lowered the tech giant's first-quarter revenue guidance to $84bn, down from $89-93bn that had previously been forecast. 

The company also lowered gross margin expectations to ~38%, down from the previously projected 38-38.5%.

Apple's supplier arm AG lost 12%, while Dialog Semiconductor Plc slid nearly 7%.

Meanwhile, German Economy Minister Peter Altmaier said in an interview published Thursday that the UK's withdrawal from the European Union poses an economic risk, although he added that he expected growth in Germany to continue.

CAC and DAX slipped ~1% each, while FTSE is down 0.16% in today’s trade.

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