European stocks join euro lower, French bonds sell off
SPY•European shares fell in early trading, with the STOXX 600 down 0.3% and the Euro STOXX 50 down 0.8%. The euro fell 0.6% against the dollar, while French 10-year yields rose 10 basis points.
1. Cross-asset declines
European shares fell in early trading as the euro weakened and French bonds sold off. The euro fell to a 16-month low against the pound, while French spreads widened again.
2. Chip stocks lag
BE Semiconductor fell 5.8% and ASM International dropped 3.3%, despite European technology stocks reaching a fresh all-time high on Tuesday. Forvia rose 7% after signing a joint venture deal with India's Anand Group.
