European stocks slightly higher concerns iPhone demand dragged down chip stocks

European technology stocks fell on Wednesday as investors reacted to reports that Apple iPhone X could be weaker than expected. Two days before the market closed due to holidays.

The pan-European STOXX 600 index was down 0.1% as pressure from mining stocks and oil stocks rose this morning due to the pressure from the strong performance of technology stocks.

 
Eurozone blue chip stocks closed flat, small drop on the monthly line this month, the situation will fall for the second consecutive month.

Technology stocks fell 1.1% at the most, as brokers lowered their estimates for the new iPhone X shipments, saying the demand may be lower than expected, resulting in a decline in share prices of iPhone suppliers in Asia and a decline in European peers.

The best-performing European technology maker this year - Austria Microsystems (AMS.S) plunged 7.8% and Dell Inc. (DLGS.DE) dropped 1.2%.

Infineon (IFXGn.DE) and STMicroelectronics (STM.PA) also plummeted.

Investors said the global technology stocks were down due to profit taking and so far the plate has risen about 21%, significantly ahead of all other stocks.

However, rising commodity prices supported major indicators, many investors are still on holiday and market liquidity is still low.

 
Mining stocks rose after metals hit a three and a half year high, attributed to strong growth prospects in China.