European Stocks Extend Drop Amid Tech Selloff Before Key US Data

-- European stocks declined for a second day, joining a global selloff amid concerns over tech earnings and economic growth, with traders awaiting key US jobs data later.While ‘Pod Save America’ Tries to Unite Democrats, Its Staff RebelsThe Stoxx 600 was 1.3% lower by 9:02 a.m. in London, led by the technology sector, as semiconductor stocks slumped after Intel Corp.’s plan to reduce capital expenditure. ASM International NV sank 7.8% and ASML Holding NV tumbled 5.3%.

The main regional benchmark is set for a weekly decline as it heads into what has typically been the weakest season of the year as August and September are generally the worst months for the index. The semiconductor sector in Europe may come under pressure during Friday’s trading following an extended slump among global tech stocks. Intel’s plan to reduce capital expenditures may weigh on chip equipment stocks, while Microchip’s weak guidance may impact chipmakers.M&A Watch Europe: BNP Paribas Talks With Axa; Ocado Bond SaleYou want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources.

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