European stocks set to slide as Apple warns on coronavirus revenue hit
European stocks are set to open lower on Tuesday following a weak handover from Asia, as Apple's revenue guidance warning rocks electronics supplier shares and coronavirus fears persist.
Britain's FTSE 100 is seen around 43 points lower at 7,390, Germany's DAX is set to fall by around 83 points to 13,701 and France's CAC 40 is expected to slide by around 35 points to 6,051, according to IG data.
Tech giant Apple on Monday warned that it does not expect to meet its second-quarter revenue forecast due to lower global iPhone supply and weakened Chinese demand and production as a result of the coronavirus outbreak.
As of Monday night, China's National Health Commission said a total of 72,436 people are confirmed to have contracted the new coronavirus and 1,868 have died.
Apple suppliers led a sell-off in Asia overnight, with shares in Hong Kong, Japan and South Korea all tumbling more than 1.3%. Wall Street also retreated from record highs.
HSBC reported on Tuesday that it had missed 2019 earnings expectations to record a 32.9% fall in pre-tax profit. Europe's largest bank by assets reported a full-year pre-tax profit of $13.35 billion, well shy a Refinitiv forecast of $19.83 billion. The bank also announced a major overhaul that will result in 35,000 job cuts over the next three years.
Euro zone finance ministers met Monday to discuss fiscal policy options in a bid to boost the bloc's sluggish economy, with fears of a downturn growing in the wake of the coronavirus outbreak.
Individual share price action will also be in focus amid earnings reports and news of corporate deals across the euro zone.
French rail company Alstom has agreed to acquire the rail division of Canada's Bombardier in a deal worth up to $6.7 billion, while Italian bank Intesa Sanpaolo on Monday launched a 4.86 billion euro ($5.3 billion) takeover bid for domestic rival Ubi Banca.
Germany's Thyssenkrupp has identified two potential private equity consortia for the sale of its 16 billion euro elevator unit, after Finland's Kone pulled out of the deal.
Deutsche Boerse posted a 52% rise in fourth-quarter net profit as the German exchange operator met its earnings expectations for the year.
On the data front, U.K. employment and labor productivity figures are expected at 9:30 a.m. London time before the ZEW economic sentiment index for Germany and the euro zone is published at 10 a.m.
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