The European technology sector slid 1.2 per cent, the most among the major sub-sectors.Reuters|Sep 25, 2019, 01.18 PM ISTGetty ImagesIn a bright spot, British supermarket group Sainsbury’s gained 1 per cent following news of a new plan to cut costs, speed up debt reduction and shake up its store estate and financial services division. European shares fell broadly on Wednesday, with technology stocks leading losses, while an impeachment inquiry into US President Donald Trump raised concerns of political uncertainty in the world’s largest economy.
The European technology sector slid 1.2 per cent, the most among the major sub-sectors, while the pan-European STOXX 600 index fell 0.6 per cent.
The move by Democrats in the US House of Representatives only piled on worries of a global economic downturn and the impact of a prolonged trade war between the United States and China.
Adding pressure on stocks was a harsher tone by Trump on US-China trade talks, with export-reliant Germany falling 0.5 per cent. Trump said he would not accept a “bad deal” in negotiations with Beijing at the United Nations General Assembly on Tuesday. Germany’s Pfeiffer Vacuum plunged 13.6 per cent, after it warned of delays to orders, cut its full0-year sales and EBIT margin forecasts.
In a bright spot, British supermarket group Sainsbury’s gained 1 per cent following news of a new plan to cut costs, speed up debt reduction and shake up its store estate and financial services division.
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