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Apple suppliers dent European shares as equity rally falters

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Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany.

LONDON - European shares faltered on Wednesday as a global equity rally showed signs of flagging, with Apple suppliers struggling after the new iPhone release disappointed with a later than expected shipping date.

The pan-European STOXX 600 dipped 0.3 percent as weakness in chipmakers was compounded by a drop in miners .

Euro zone stocks and blue chips held steady, while Germany's DAX, which touched its highest in nearly two months on Tuesday, fell back 0.1 percent.

Chipmakers supplying to Apple were among the worst performers, with AMS down 3.9 percent, while Dialog Semiconductor slipped 1.7 percent and STMicro fell 1.1 percent.

Traders said their shares were under pressure due to Apple’s new $999 iPhone X shipping later than expected, on November 3. The price tag could also dent demand for the device in markets such as China.

“With the iPhone coming in around $1,000 it will be interesting to see how healthy demand is,” said Mike Bell, global market strategist at JP Morgan Asset Management.

“If it’s relatively healthy I think it shows that there is still quite a lot of pricing power for U.S. companies and that consumers have confidence.”

Chipmakers have been the best performing among Europe’s tech stocks this year, accounting for a large chunk of the sector’s outperformance. AMS shares have gained 165 percent year-to-date.

Richemont fell 1.6 percent despite reporting a sales beat for its first half thanks to a recovery in the Asian luxury market. UBS analysts said weaker retail growth may weigh on sentiment.

Peer Swatch also fell 2.5 percent, with some traders citing concerns that Apple’s new watch could also dent the watchmaker’s shares.

The merging eyewear and lens makers Luxottica and Essilor were also among the biggest fallers, down 1.9 to 2.1 percent. EU antitrust regulators were set to tell the firms of concerns they have over the merger this week.

Covestro was among a handful of risers, up 2.7 percent after German drugs and pesticides group Bayer sold a 9.4 percent stake in the firm, in order to finance part of its acquisition of Monsanto.

European stocks were struggling for a further boost after sinking 7 percent over the summer months.

“Our view is that European equities still have potential for upside,” said JPMAM’s Bell.

“The earnings outlook is quite strong still; Europe has among the highest operating leverage of any major market so if the global economy remains strong that should drive margin expansion and earnings growth.”

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Muslim Global: Apple suppliers dent European shares as equity rally falters
Apple suppliers dent European shares as equity rally falters
European shares faltered on Wednesday as a global equity rally showed signs of flagging, with Apple suppliers struggling after the new iPhone release disappointed with a later than expected shipping date.
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