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European stocks fall after downbeat forecasts from chip companies

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FTSE 250 edges higher as investors conclude Labour government’s first budget is less punitive on businesses than previously feared

Rachel Reeves, UK chancellor of the exchequer: first budget was seen as less punitive on business than had been expected. Photograph: Hollie Adams/Bloomberg

AIB ended 1.3 per cent lower at €4.83. Kerry Group was also in the red, finishing down 1.2 per cent at €93.30, while Ryanair dropped 0.7 per cent to close at €17.56.Want to live over the shops on Grafton Street? It could soon be possibleInsulation-maker Kingspan Group was among the climbers, adding 0.6 per cent to finish at €80.80, while Cairn Homes rose 0.5 per cent to €2.19.The FTSE 100 fell 0.7 per cent with the blue-chip index weighed down by pharma giants AstraZeneca and GSK.

But AstraZeneca fell 2.8 per cent after the pharma giant said its China president is under investigation and is co-operating with Chinese authorities. GSK dropped 3 per cent after it warned that its vaccine sales would fall this year, after weaker-than-expected sales for its respiratory syncytial virus and shingles vaccines in the third quarter.The pan-European Stoxx 600 closed 1.

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