Indications from the United States of a slowing economy there affected European markets, sending the FTSE Eurofirst 300 0.6 percent lower to 1,353.26 on Wednesday.
Further news from the US in the form of a revenues warning from National Semiconductor, send the European semiconductors sector lower. ASML and Infineon each dropped 1.1 percent to €16.41 and €8.66 respectively. STMicroelectronics fell by 1.5 percent to €12.44.
In telecommunications related sectors, equipment makers were lower, as were most telecoms operators. The exception was Telekom Austria, which added 2.5 percent to €18.97. Deutsche Telekom dropped 0.6 percent to €11.50 after HSBC reaffirmed its “underweight” recommendation and dropped its target share price to €10.20, while France Telecom was 1 percent lower to €16.42. Among equipment makers, Nokia was down 2 percent to €16.45, while Ericsson dropped 2.2 percent to SKr22.70.
EADS fell 2.2 percent to €22.05 after rumors that the aerospace company was running behind by at least two years on the development of its Airbus A400M military transport. Recently, EADS was hurt by reports of delays on its A380 superjumbo passenger jet.
Among gainers on the day was Nestle, which added 2.3 percent to SFr417.75 after going as high as SFr419.50 during the day, a record high, after it reported better than expected first half results.