European shares hit 3-week low, Ukraine concerns weigh

lunes 14 de abril de 2014 04:53 GYT
 

* FTSEurofirst 300 index falls 0.6 pct

* Tech sector is top decliner, tracks Nasdaq sell-off

By Atul Prakash

LONDON, April 14 (Reuters) - European equities slipped to a three-week low on Monday, led lower by technology stocks following a sharp U.S. sell-off on the tech-heavy Nasdaq, with tensions in Ukraine prompting investors to shun riskier assets.

The STOXX Europe 600 technology index fell 1.6 percent, taking its losses since early April to more than 6 percent on concerns that valuations have become stretched.

Ericsson fell 4.3 percent, while ARM Holdings was down 1.7 percent, mirroring losses on the Nasdaq, which closed below 4,000 for the first time since early February on Friday.

The pan-European FTSEurofirst 300 index was down 0.6 percent at 1,305.24 points by 0826 GMT after falling to a three-week low earlier in the session and slipping 3 percent last week, with analysts saying that fresh tensions in Ukraine could prevent it from bouncing back in the near term.

Germany's benchmark DAX share index, which includes several companies with significant exposure to Russia, lagged the wider market and was down 0.8 percent.

"Geopolitical concerns are putting pressure on equities. Markets fear an escalation in tension will result in more economic sanctions on Russia and that will have a negative repercussion on Europe," Christian Stocker, equity strategist at UniCredit in Munich, said.   Continuación...