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LONDON, Jan 27 (Reuters) - European stocks were seen opening slightly lower on Wednesday, tracking losses on Asian markets, while technology stocks could be in focus after Apple forecast its first revenue drop in 13 years.
Financial spreadbetters at IG expected Britain’s FTSE 100 to open down by 11 points, or 0.2 percent lower. Germany’s DAX was seen down by 30 points, or 0.3 percent lower, while France’s CAC was seen down by 11 points, or 0.3 percent lower.
Apple Inc predicted its first revenue drop in 13 years and reported the slowest-ever increase in iPhone shipments as the critical Chinese market showed signs of weakening, suggesting the technology company’s period of exponential growth may be ending.
The update from Apple could impact European chipmaker stocks such as ARM , Dialog and ASML, which typically provide components used in iPhones.
The pan-European FTSEurofirst 300 index rose 0.9 percent on Tuesday, helped by a rebound in oil prices although crude oil futures prices fell back again on Wednesday.
Apple Inc forecast its first revenue drop in 13 years and reported the slowest-ever increase in iPhone shipments as the critical Chinese market showed signs of weakening, suggesting the technology company’s period of exponential growth may be ending.
EU regulators will propose a shake-up of rules on authorising new models of cars on Wednesday to prevent a re-run of the Volkswagen emissions scandal, firing the starting gun on a tough debate as governments and industry resist change.
German chemicals company BASF said 2015 earnings were set to be lower than expected after taking impairments in its oil and gas division due to the sharp fall in oil price.
Zurich Insurance has poached Generali chief executive Mario Greco in a move the Swiss insurer hopes will revive its fortunes and which leaves its Italian rival searching for a worthy successor.
The European Commission and Italy reached an accord on Tuesday on a scheme to help Italian banks sell some of their 200 billion euros ($217.04 billion) of bad loans, ending almost a year of often-tense negotiations.
Nordea, the Nordic region’s biggest bank by market value, reported underlying profit below expectations in the fourth quarter on Wednesday and raised its dividend less than analysts expected.
Novartis’s fourth-quarter core net income missed analyst expectations amid a slump at its Alcon eye care unit, prompting the Swiss drugmaker to replace the divion’s head amid a restructuring that will cost $1.4 billion over five years.
------------------------------------------------------------------------------ > GLOBAL MARKETS-Asian stocks struggle as headwinds grow; gold shines > US STOCKS-Oil fuels ‘schizophrenic’ rebound on Wall Street > Nikkei rebounds to 1 1/2 week high on Wall St gains > TREASURIES-Bond prices rise on dovish Fed concerns, recovering oil > FOREX-Dollar awaits Fed outcome, Aussie firmer after inflation data > PRECIOUS-Gold near 12-week high as dollar slips ahead of Fed statement > METALS-London copper slips as traders eye Fed; China imports support > Oil falls around 2 pct as profit-taking kicks in (Reporting by Sudip Kar-Gupta)