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BREAKING NEWS

BREAKING NEWS

Tech sell-off spreads to Europe after U.S. antitrust moves

Tech sell-off spreads to Europe after U.S. antitrust moves
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 29, 2019. REUTERS/Staff -
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(Reuters) – European shares fell half a percent on Tuesday as the first signs of U.S. antitrust action against Google and other major technology companies drove peers in Europe lower, following losses on Wall Street and Asian markets overnight.

Europe’s main STOXX 600 was down 0.5% by 0722 GMT, with the technology sector losing 2%.

New York’s tech-heavy Nasdaq entered correction territory on Monday as Amazon and Alphabet’s Google were the first to face an antitrust probe from U.S. regulators, with sources saying Apple and Facebook will also be drawn in.

Auto stocks outperformed, climbing about half a percent on better than expected sales from the U.S. market.

Global stock markets have succumbed to selling pressure in recent weeks, with the benchmark STOXX 600 posting its worst monthly performance in over three years in May.

Weak economic numbers worldwide have pointed to slowing growth and the risk of recession ahead as a trade war between the United States and China escalates.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru)

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