After poor earnings from their large US counterparts overnight revived fears about global economic demand and the impact of high-interest rates, European Markets Drop on Friday, hurt by losses in technology firms.
As of 08:12 GMT, the pan-European STOXX 600 was down 0.5%.
However, the benchmark index remained on track for weekly gains thanks to a significant advance on Thursday as market hopes of the global rate raising cycle coming to an end were not dashed by the European Central Bank’s (ECB) hawkish stance.
Real estate stocks decreased 1.5%, while the technology sector index fell 0.6%. The 2% decline in Infineon, an Apple supplier, fueled the drop in the technology sector.
Amazon.com, Apple, and Alphabet Inc.’s Frankfurt-listed shares fell 5% to 6% on dismal results.
Sanofi, a French pharmaceutical firm, experienced a 4.7% decline. The company predicted a slight increase in 2023 earnings, citing robust demand for its top-selling medication, Dupixent. However, generic competition for its multiple sclerosis drug, Aubagio, would partially offset this increase.
TomTom, a Dutch navigation and digital mapping firm, boosted its 2023 guidance. Shares rose 9.4% due to better-than-expected fourth-quarter sales.