Global stocks hold steady ahead of US Fed meeting, while investors re-assess tech stocks
London — Global equities trod water on Tuesday ahead of a US Federal Reserve policy meeting, while investors re-assessed their views of tech stocks following a slump in Facebook’s shares after reports of data misuse. The MSCI world equity index, which tracks shares in 47 countries, was flat in percentage terms by 9.01am GMT, while the pan-European STOXX 600 equity index slipped 0.1%. Tech stocks under-performed in Europe as the sector fell 0.3%, taking its cue from Monday’s falls for US peers on the back of fears of stiffer regulation as Facebook came under fire following reports it allowed improper access to user data. Shares in European chip makers, in particular, came under pressure, with ams, STMicroelectronics and ASML all in negative territory, while Germany’s SAP declined 0.5%, hit by read-across from US business software peer Oracle, whose quarterly revenue missed analysts’ estimates. In the US, Facebook tumbled 6.8% on Monday as the social media colossus faced demands for a...
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