European shares snap four-session rally
European shares dipped today, snapping a brisk four-session rally, with sentiment dampened after US tech bellwether Google's unexpectedly weak results.
The FTSEurofirst 300 was down 0.1 per cent at 1,118.98 by 9.11am (Irish time), having closed 0.2 per cent higher at 1,120.56 points yesterday, just shy of a 14-month peak of 1,122.76 hit in mid-September.
Tech stocks felt the pinch, with Google having tumbled 8 per cent yesterday after quarterly results that missed analyst expectations as its core advertising business slowed.
Among weak European tech issues, Nokia was down 1.1 per cent, STMicroelectronics shed 0.9 per cent, and SAP slipped 0.5 per cent.
"Company earnings remain under pressure... today feels very much like a risk-off environment," said Lex van Dam, hedge fund manager at Hampstead Capital, which manages around $500 million of assets. "It is possible that the highs for the year are in."