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European chip stocks tumble on Apple warning, while HSBC slumps on profit slide

February 18, 2020

European stocks came under pressure on Tuesday, with chip makers heading south after Apple warned it will miss its quarterly revenue target due to coronavirus fallout, while shares of HSBC slid as it announced a profit slump and suspension of buybacks.

The Stoxx Europe 600 index SXXP, -0.53% fell 0.5% to 429.64, a day after marking a fresh record close of 431.98, a gain of 0.3%. The German DAX 30 index DAX, -0.77% dropped 0.7%, while the French CAC 40 index PX1, -0.47% fell 0.5% and the FTSE 100 index UKX, -0.92% slipped 0.5%.

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