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Oct. 29, 2021, 8:41 a.m. EDT

Tech stocks drag Europe markets lower, as consumer prices hit highest level since 2008

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By Barbara Kollmeyer

Gloom over Wall Street technology giants Amazon.com and Apple spread to Europe on Friday, where the sector led markets lower as investors juggled more earnings reports and data showing consumer prices at a 2008 high.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.23% fell 0.5% to 472.62, while the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.24% declined 0.8%, the French CAC 40 declined 0.3% /zigman2/quotes/210597958/delayed FR:PX1 +0.55% and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.35% fell 0.3%.

Economic data showed annual inflation in the eurozone rose 4.1% , which was the fastest pace since July 2008, as higher energy costs, supply constraints and strong demand drove up prices. That’s as economic growth in the region also grew at a faster-than-expected pace, up 2.2% in the third quarter.

European Central Bank President Christine Lagarde pushed back against expectations for an interest-rate hike by next year at Thursday’s meeting, where the bank left rates and policy unchanged. But markets seem unwilling to believe her, with the yield on 10-year German bunds /zigman2/quotes/211347112/realtime BX:TMBMKDE-10Y +44.64% up 5 basis points to -0.081%, as it also tracked rising global bond yields.

Decliners included beer maker Anheuser-Busch InBev /zigman2/quotes/209225053/composite BUD -1.35% and German business software group SAP /zigman2/quotes/207905606/composite SAP +0.93% , down 2.4% and 1.6% respectively.

The tech sectcor was pressured after Apple /zigman2/quotes/202934861/composite AAPL -1.19% quarterly sales missed for the first time since 2018 and Amazon.com /zigman2/quotes/210331248/composite AMZN -1.11% reported an earnings plunge and disappointing holiday forecast.

Opinion:   Apple and Amazon are struggling, so investors may want to look to these tech stocks instead

Shares of STMicroelectronics /zigman2/quotes/207734906/composite STM -1.65% /zigman2/quotes/203551318/delayed IT:STM -3.12% dropped over 1% after the chip manufacturer was downgraded to neutral at Citigroup, who said their positive view laid out from July has played out for now. The company reported an earnings and revenue miss on Thursday.

Daimler /zigman2/quotes/201850364/delayed XE:DAI -0.19% shares gained 1.5% after the German automaker said third-quarter earnings rose despite the semiconductor shortage that affected production and sales. For 2021, the company stuck to its forecast of group revenue and EBIT significantly above prior-year levels.

EssilorLuxottica /zigman2/quotes/200393059/delayed FR:EL +1.42% shares climbed 2.3% after the luxury eyewear group reported a rise in third-quarter and lifted its annual revenue growth outlook.

Another big gainer was BBVA /zigman2/quotes/204078760/composite BBVA -2.06% /zigman2/quotes/209653399/delayed ES:BBVA -1.54% , up 7% after the Spanish banking giant reported a third-quarter profit on lower provisions, and launched a $4.1 billion (€3.5 billion) share buyback program.

/zigman2/quotes/210599654/delayed
XX : STOXX
480.90
+1.11 +0.23%
Volume: 0.00
Jan. 19, 2022 5:50p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,809.72
+37.16 +0.24%
Volume: 74,923
Jan. 19, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
7,172.98
+39.15 +0.55%
Volume: 84,173
Jan. 19, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,589.66
+26.11 +0.35%
Volume: 667,097
Jan. 19, 2022 4:58p
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/zigman2/quotes/211347112/realtime
add Add to watchlist BX:TMBMKDE-10Y
BX : Tullett Prebon
-0.0093
+0.0075 +44.64%
Volume: 0.00
Jan. 19, 2022 6:00p
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/zigman2/quotes/209225053/composite
US : U.S.: NYSE
$ 65.97
-0.90 -1.35%
Volume: 828,072
Jan. 19, 2022 3:27p
P/E Ratio
23.33
Dividend Yield
0.67%
Market Cap
$135.75 billion
Rev. per Employee
$308,752
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/zigman2/quotes/207905606/composite
US : U.S.: NYSE
$ 137.37
+1.27 +0.93%
Volume: 466,505
Jan. 19, 2022 3:27p
P/E Ratio
23.81
Dividend Yield
2.09%
Market Cap
$161.85 billion
Rev. per Employee
$321,257
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 167.78
-2.03 -1.19%
Volume: 68.53M
Jan. 19, 2022 3:27p
P/E Ratio
29.95
Dividend Yield
0.52%
Market Cap
$2773.58 billion
Rev. per Employee
$2.38M
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/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,143.01
-35.34 -1.11%
Volume: 1.92M
Jan. 19, 2022 3:27p
P/E Ratio
61.44
Dividend Yield
N/A
Market Cap
$1611.89 billion
Rev. per Employee
$352,824
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/zigman2/quotes/207734906/composite
US : U.S.: NYSE
$ 46.94
-0.78 -1.65%
Volume: 2.56M
Jan. 19, 2022 3:27p
P/E Ratio
23.83
Dividend Yield
0.40%
Market Cap
$43.92 billion
Rev. per Employee
$276,861
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/zigman2/quotes/203551318/delayed
IT : Italy: Milan
41.34
-1.33 -3.12%
Volume: 3.72M
Jan. 19, 2022 5:35p
P/E Ratio
24.99
Dividend Yield
0.51%
Market Cap
€38.72 billion
Rev. per Employee
€234,602
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/zigman2/quotes/201850364/delayed
XE : Germany: Xetra
74.50
-0.14 -0.19%
Volume: 3.10M
Jan. 19, 2022 6:30p
P/E Ratio
5.76
Dividend Yield
1.81%
Market Cap
€79.85 billion
Rev. per Employee
€564,221
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/zigman2/quotes/200393059/delayed
FR : France: Euronext Paris
174.56
+2.44 +1.42%
Volume: 682,516
Jan. 19, 2022 5:36p
P/E Ratio
56.94
Dividend Yield
0.00%
Market Cap
€75.94 billion
Rev. per Employee
€112,352
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/zigman2/quotes/204078760/composite
US : U.S.: NYSE
$ 6.43
-0.14 -2.06%
Volume: 3.36M
Jan. 19, 2022 3:27p
P/E Ratio
8.29
Dividend Yield
1.16%
Market Cap
$43.63 billion
Rev. per Employee
$303,027
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/zigman2/quotes/209653399/delayed
ES : Spain: Madrid
5.69
-0.09 -1.54%
Volume: 28.35M
Jan. 19, 2022 5:38p
P/E Ratio
8.77
Dividend Yield
1.14%
Market Cap
€38.46 billion
Rev. per Employee
€267,370
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