European shares dip as Ingenico, Metrobank add to macro gloom

European shares and macro gloom

European shares retreated on Wednesday morning as a new batch of corporate updates prompted fresh concerns. Particularly was on the tech sector, and added to worries about a global growth slowdown and the Sino-U.S. trade negotiations.

At 08:19 GMT, the STOXX 600 was down 0.5 percent, with bourses all across Europe. It caused a losing ground and a number of steep individual falls at the open.

A profit warning by Ingenico sent the French payment group down over 12 percent. It resulted in 0.9 percent retreated which hit the whole European tech sector.

ASML Holding NV, a major supplier to the world’s largest computer chipmakers, fueled more concerns and caution among investors. As a result of it’s warning that first-quarter sales would be weak. Adding that with some of its customers delaying orders into the second half of 2019.

A profit miss by Metro Bank triggered a spectacular 27 percent fall and gave no respite to a banking sector already weakened during the previous session by Swiss bank UBS’s fourth-quarter earnings report.

European retailers were in a much more comfortable spot and trading in the black after supermarket groups Carrefour and Ahold Delhaize posted their trading update and gained 5.4 percent and 2.9 percent respectively.

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