European stocks head for sharp weekly decline, Apple suppliers drop

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An underwhelming response to Wall Street’s big tech earnings overnight also hit sentiment, with Europe’s tech sector (SXTP) down 0.8%.

Apple (NASDAQ:AAPL) suppliers AMS (S:AMS), Dialog Semiconductor (DE:DLGS) and Infineon (OTC:IFNNY) Technologies (DE:IFXGn) fell between 0.6% and 1.6% after the late launch of new 5G iPhones caused customers to put off buying new devices.

Air France-KLM (PA:AIRF) fell 4.0% after it unveiled a 1.05 billion-euro ($1.24 billion) quarterly operating loss and warned of worse to come as a resurgent coronavirus brings new travel curbs.

Among gainers, French construction materials group Saint-Gobain (PA:SGOB) rose 3.9% after improved full-year earnings forecast.

The pan-European STOXX 600 index (STOXX) fell 0.6% by 0814 GMT, on course for a more than 6% weekly loss in what could be its worst such decline since an 18% plunge in mid-March.