United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

Tech selloff spreads to European stocks

Video Credit: Reuters Studio - Duration: 01:33s - Published < > Embed
Tech selloff spreads to European stocks

Tech selloff spreads to European stocks

Stock markets remained under pressure on Tuesday as worries about a clampdown on the world's internet and social media giants compounded mounting global trade and recession jitters.

David Pollard reports.


Tech selloff spreads to European stocks

Tuesday began in Europe with that sinking feeling.

Major bourses slipping into the red after the open as they too experienced the latest anxiety dogging U.S. markets.

Namely, the imminent possibility, according to sources, of regulatory probes into FAANG giants Amazon, Apple, Facebook and Google.

Time, say some Wall Street watchers, to cash in, perhaps.

After a combined $85 billion was wiped off Facebook and Google parent Alphabet's values in the market slide there.

SOUNDBITE: LADENBURG THALMANN ASSET MANAGEMENT CEO PHILIP BLANCATO (ENGLISH) SAYING: "Suddenly, there's some headwinds around those companies that I think again give you a chance to take some profits.

I'm not saying be out of them because they are still the drivers of the overall economy to a great degree.

But take some profits here." Europe's benchmark STOXX 600, fresh from posting its worst monthly performance in over three years in May, shed half a per cent before recovering.

Tech stocks were down over one a half per cent.

And adding to the new worries were familiar ones: trade.

Recent moves to ratchet up U.S./China tensions still put no end in sight to their tariff tiff.

SOUNDBITE: LADENBURG THALMANN ASSET MANAGEMENT CEO PHILIP BLANCATO (ENGLISH) SAYING: "There's no reason to be risky here when the underpinnings of the economy are softening and there's not a catalyst other than maybe the Fed to drive the market higher unless we got a surprise for second quarter GDP and earnings.

And I just don't see that." Cars and banks held their nerve to post strong gains.

But commodities markets continue to buckle as those worries dig deeper.

Oil prices now 20% per cent beneath this year's peak.

Prices for LNG and thermal coal are at multi-year lows.

You Might Like

Recent related videos from verified sources

How To Trade Netflix Into Earnings [Video]How To Trade Netflix Into Earnings

Time to Netflix and chill? Let's take a look at the company as it prepares to report earnings after the bell Wednesday, Oct. 16. FactSet says that analysts expect Netflix to report Q3 revenue of..

Credit: The Street     Duration: 01:57Published

Netflix's International Business: How's It Shaping Up? [Video]Netflix's International Business: How's It Shaping Up?

With several significant competitors to Netflix launching soon, the streaming giant's international growth potential has become more important. Apple recently announced its new Apple TV+ streaming..

Credit: The Street     Duration: 01:47Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.