European stocks track U.S. tech rout, while EDF plunges on French power price cap

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European stocks fell on Friday, with technology bearing the brunt of losses on the heels of heavy losses for that sector on Wall Street amid concerns over the Federal Reserve’s action to control inflation. EDF shares fell 20% after pulling guidance.

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Stoxx Europe 600 Index SXXP,
-0.64%
It fell 0.9% to 482.68 after a minor drop on Thursday, breaking a two-season winning streak. German DAX DAX,
-0.62%
fell 0.4% and the French CAC 40px1,
-0.72%
fell 0.6%, while losses for the FTSE 100 index UKX were more modest,
-0.12%,
which declined by 0.1%.

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Continued weakness in the US dollar left the euro EURUSD,
+0.05%
and GBPUSD, British Pound
+0.19%
0.1% more each.

Nasdaq Composite Comp,
-2.51%
Drubbing for Big Tech fell 2.5% on Thursday, as investors weighed in on U.S. maker prices, which posted a 9.7% rise for 2021, on the heels of consumer prices earlier in the week. came to the highest level. annually.

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“The rate-sensitive Nasdaq fell the most among major US indices, as losses in the Dow Jones, which is believed to be better equipped to deal with higher rates, remained limited,” said Swissquote senior analyst Ipek Ozkardeskaya.

US Stock Futures ES00,
+0.18%

YM00,
+0.20%

NQ 00,
+0.16%
However, with a focus on the start of the earnings season from big bank names like Citigroup C, pointing to some rebound ahead,
+0.74%,
JPMorgan JPM,
-0.12%,
Wells Fargo WFC,
-0.71%
and BlackRock BLK,
-1.98%,
Investors will also get another batch of US data, including retail sales.

In China, data showed the country’s trade surplus hit a record high in 2021, rising 29.9% to a new high of $3.36 trillion, while imports rose 30.1%, driven by rising commodity prices. The reason arose.

ASM International ASM Shares Among Europe’s Big Tech Names,
-2.81%
ASML holding dropped nearly 3% with ASML,
-1.63%

asml,
-2.87%,
While Infineon Technologies IFX,
-0.30%
slipped 0.6%. German business software group SAP SAP,
-3.03%

sap,
-0.07%
Reduced a weak trend with a gain of 1.7%.

edf edf,
-21.28%
Stoxx Europe was the worst performer at the 600, as the French state-controlled utility pulled its guidance for the year late on Thursday, saying the estimated impact of the government’s new moves to curb high electricity bills was 8.4 per cent. billion euros ($9.62). Arab). Shares fell nearly 22 per cent.

The gainers included auto makers, along with Volkswagen VOW,
-0.51%,
renault rno,
+0.81%
and Daimler Truck Holdings DTG,
+1.58%
All are growing by more than 2%.

Shares of health technology company Philips PHG,
+2.87%

PHIA,
+2.74%
Were also on top of the list of gainers, with a growth of over 3%.

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