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European shares stumble as techs drop; political uncertainty in Washington weighs

European shares stumble as techs drop; political uncertainty in Washington weighs
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 24, 2019. REUTERS/Staff -
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(Reuters) – European shares fell broadly on Wednesday, with technology stocks leading losses, while an impeachment inquiry into U.S. President Donald Trump raised concerns of political uncertainty in the world’s largest economy.

The European technology sector <.SX8P> slid 1.2%, the most among the major sub-sectors, while the pan-European STOXX 600 index <.STOXX> fell 0.6%.

The move by Democrats in the U.S. House of Representatives only piled on worries of a global economic downturn and the impact of a prolonged trade war between the United States and China.

Adding pressure on stocks was a harsher tone by Trump on U.S.-China trade talks, with export-reliant Germany <.GDAXI> falling 0.5%. Trump said he would not accept a “bad deal” in negotiations with Beijing at the United Nations General Assembly on Tuesday.

Germany’s Pfeiffer Vacuum <PV.DE> plunged 13.6%, after it warned of delays to orders, cut its full0-year sales and EBIT margin forecasts.

In a bright spot, British supermarket group Sainsbury’s <SBRY.L> gained 1% following news of a new plan to cut costs, speed up debt reduction and shake up its store estate and financial services division.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Bernard Orr)

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