Reuters logo
European shares extend sell-off to fourth session
July 25, 2012 / 7:13 AM / 5 years ago

European shares extend sell-off to fourth session

PARIS, July 25 (Reuters) - European stocks fell early on Wednesday, losing ground for the fourth straight session, hit by intensifying worries that Spain will require a full bailout and after disappointing results from Apple fuelled concerns over corporate profits.

At 0705 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,017.30 points. Spain’s IBEX was the top performer, after recent heavy falls, but still remains sharply down on the year.

“Apart from the DAX, all the main European indexes have broken their strong trendlines initiated with 2012 lows, so this pull-back will go on and the next target is the lines formed by 2011 and 2012 lows, which represents a downside potential of 3 to 4 percent,” Aurel BGC chartist Gerard Sagnier said.

Tech shares lost ground, hurt by Apple’s forecast-missing results, with Nokia down 1.2 percent and Infineon down 1.1 percent. (Reporting by Blaise Robinson; editing by Simon Jessop)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below