Overseas Trading: Apple's Soft Sales Forecast Pressures Global Tech Stocks

Ongoing weakness in commodities and a lower-than-expected revenue forecast from Apple Inc. (AAPL) are weighing on Asian and European markets

Jul 22, 2015 at 8:09 AM
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Asian equities felt the heat from yesterday's round of weak U.S. earnings, and the ongoing sell-off in commodities. Japan's Nikkei fell 1.2%, with the tech sector pressured by a disappointing revenue forecast from Apple Inc. (NASDAQ:AAPL). Likewise, South Korea's Kospi and Hong Kong's Hang Seng slid 0.9% and 1%, respectively. Bucking the bearish trend was the Shanghai Composite, which managed a 0.2% gain -- its fifth consecutive daily win.

European markets are also feeling the weight of AAPL, with shares of ARM Holdings Inc plc (ADR) (NASDAQ:ARMH) and other suppliers swallowing steep losses. Meanwhile, Greece remains in the spotlight ahead of today's parliament vote on another set of reforms. At last check, the French CAC 40 is off 0.4%, Germany's DAX has surrendered 0.6%, and London's FTSE 100 is leading the pack lower, down 1.1%.

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