Tech slide drags European shares lower as Brexit delay looms

  • Reuters
  • Stock Market News
Tech slide drags European shares lower as Brexit delay looms
Credit: © Reuters.

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Oct 23 (Reuters) - European shares fell on Wednesday as a warning from U.S.-based Texas Instruments about a slowdown in the global tech industry weighed on European technology stocks, while UK lawmakers hit the pause button on Britain's exit from the European Union.

The tech sector .SX8P fell 1.3%, dragged down by shares of STMicroelectronics STM.MI , Dialog Semiconductor DLGS.DE and Infineon Tech IFXGn.DE after poor forecasts from sector proxy Texas Instruments TXN.O . pan-European STOXX 600 index .STOXX fell 0.4% by 0711 GMT. FTSE midcap stocks .FTMC and Irish equities .ISEQ , barometers of Brexit expectations, lost 0.3% and 0.2% respectively.

UK lawmakers approved Prime Minister Boris Johnson's deal on Tuesday, but defeated his proposal to push the legislation through Parliament in three days, prompting Johnson to recommend that the European Union delay the Oct. 31 deadline for the UK to leave the bloc. PSA Group PEUP.PA fell 0.6%, weighing on auto stocks .SXAP , after the company lowered its outlook for major auto markets, confirming trouble for the sector after last week's poor earnings from Renault RENA.PA and Volvo VOLVb.ST . HEIN.AS shares dropped 1.5% after the world's second-largest brewer forecast operating profit this year would be at the lower end of its previous outlook.

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