Posted By Uma Rajagopal
Posted on November 21, 2024
(Reuters) – Europe’s main stock index slipped on Thursday, as market sentiment was tepid with geopolitical tensions boosting some safe-haven bids, while chip shares were the biggest drag after sector bellwether Nvidia’s disappointing revenue forecast.
The pan-European STOXX 600 index edged down 0.1%, as of 0820 GMT, on track for its fifth straight session of declines amid uncertainties around the escalating Ukraine-Russia conflict and the likely domestic impacts of Donald Trump’s U.S. Presidential victory.
Safe-haven bids Gold and Swiss franc were up, while the dollar was subdued in anticipation of more clarity on Trump’s proposed policies and prospects of less aggressive U.S. interest rate cuts.
Shares of chip makers ASML, Infineon and ASM International slipped, after AI chip leader and world’s largest company by market value Nvidia forecast its slowest revenue growth in seven quarters.
However, Soitec jumped 14%, after the French semiconductor materials supplier’s half-year results, limiting the tech sector’s losses.
Personal and household goods, retail and autos were the worst-hit sectors, down between 0.8% and 1.0%.
CTS Eventim fell 8% following the German ticketing group’s nine-month results, while JD Sports Fashion slumped 13%, after the sportswear retailer warned that its annual profit would come in at the lower end of its guided range.
Halma was up 9%, after the health and safety device maker reported its half-year results.
(Reporting by Ankika Biswas in Bengaluru; Editing by Rashmi Aich)
