European tech stocks gripped by U.S. recession fears

Just Eat Takeaway.com NV

05/08/2024 08:12

Aug 5 (Reuters) - Shares of European tech and
semiconductor stocks were down on Monday, as worries over a
possible U.S. recession after soft data gripped financial
markets and triggered a rush out of this year's top-performing
stocks and into safe-haven assets.
    The STOXX tech index  .SX8P  was last down 4.1%, making it
the worst performer among sectoral indices on region-wide STOXX
600  .STOXX , which shed some 3%.
    A report that Nvidia  NVDA.O  could delay its AI chip also
weighed on sentiment.
    The tech index already lost 6% on Friday after
weaker-than-expected U.S. job growth and factory data, and
disappointing earnings from U.S. heavyweight Intel  INTC.O .
    Chip equipment makers ASM International  ASMI.AS  slumped
12%, on top of a 13% fall on Friday. ASML  ASML.AS , the largest
maker of equipment used to manufacture computer chips, was down
4%.
    BE Semiconductor  BESI.AS  and STMicroelectronic  STMPA.PA 
were down around 5%.
    
    

 (Reporting by Anna Pruchnicka; Editing by Amanda Cooper)
 ((anna.pruchnicka@thomsonreuters.com; +48 58 769 65 14;))