LONDON Jan 24 European shares edged lower on
Thursday, as weaker than expected figures from U.S. giant Apple
fanned earnings worries in the technology sector,
offseting more bullish economic data out of China.
By 0804 GMT, the FTSEurofirst fell 3.58 points, or
0.3 percent to 1,164.07. The index has been trading in a tight
10-point range since nearing two-year highs at the start 2013,
with traders torn between the macro and micro developments.
Early on Thursday it was micro concerns helping drag the
index lower after the world's largest tech company Apple late on
Wednesday reported a third straight quarter of weaker than
Tech stocks were down 0.3 percent with ARM,
whose chip designs are used in many of Apple's products, down
1.7 percent, while mobile handset maker Nokia, which
reports earnings at 1100 GMT, fell 1 percent.
"Apple's outlook is weighing on sentiment in the tech sector
and the wider market this morning," Jawaid Afsar, a sales trader
at Securequity, said.
"Markets have run up well and a pause for breath is to be
expected. All the major benchmarks are looking overbought and
any short term correction will be seen as a buying opportunity
but the longer-term trend is still to the upside," he said.