European stocks extended declines amid earnings reports and after Apple Inc.’s worse-than-forecast results dragged semiconductor companies lower.
The Stoxx Europe 600 Index slipped 0.5 percent to 400.71 at 8:05 a.m. in London.Apple’s chip suppliers Dialog Semiconductor Plc and Imagination Technologies Group Plc lost at least 2.1 percent. ARM Holdings Plc, whose technology is used in iPhones, slid 3.8 percent. The company also posted revenue that missed estimates.
The Stoxx 600 fell for the first time in 10 days yesterday amid mixed earnings reports. Before that, fading fears over Greece pushed the gauge to its fastest rally in 3 1/2 years, taking it closer to strategists’ year-end forecasts.
BHP Billiton Ltd. dropped 2.4 percent, dragging commodity stocks to the worst performance among 19 Stoxx 600 groups. The world’s biggest miner said its petroleum, copper and coal output will fall in fiscal 2016.
Telenor ASA fell 2.7 percent after the Nordic region’s largest phone company reported earnings that fell short of analysts’ estimates.
Danske Bank A/S climbed 3 percent after saying quarterly profit increased and raising its full-year forecast. EasyJet Plc rose 4.6 percent after saying annual pretax profit willincrease as much as 14 percent amid a recovery in sales in the summer.
source: Bloomberg
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