European stocks down on weak US tech earnings

European stocks fell today, Friday, affected by losses in technology stocks, after disappointing earnings for their major American counterparts overnight, which again raised concerns about global economic demand and the impact of rising interest rates.

According to “Reuters”, the European Stoxx 600 index fell 0.5 percent by 0812 GMT.

Nevertheless, the index is heading for weekly gains, thanks to the strong rise on Thursday, as the message of the European Central Bank, which adhered to the policy of monetary tightening, failed to frustrate investors’ hopes that the cycle of raising interest rates is nearing the end globally.

The technology sector index fell 0.6 percent, and the decline was led by a drop of about 2 percent in the share of Infineon, a supplier of Apple, while the real estate sector fell 1.5 percent.

Shares of US technology giants Amazon, Apple and Alphabet fell between five and six percent, hit by disappointing earnings.

The share of the French pharmaceutical company, Sanofi (EPA: SASY), fell 4.7 percent, after expectations of moderate growth in 2023 profits.