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Apple losses in focus as US and European stock markets slide

How major markets are performing on Thursday

Lucy Harley-McKeown
Updated ·2-min read
File - Apple CEO Tim Cook speaks at the Taiwan Semiconductor Manufacturing Company facility under construction in Phoenix, on Dec. 6, 2022. Multinational corporations are seeking to produce more items - especially semiconductors - in the United States. Apple will use chips made at the facility. (AP Photo/Ross D. Franklin, File)
Apple CEO Tim Cook: Apple was in the spotlight as one of the top fallers in the Nasdaq following a Wall Street Journal report that China had banned government officials from using the company's phones for work. Photo:Ross D. Franklin/ AP / File (ASSOCIATED PRESS)

European markets and the FTSE were mixed on Thursday by the afternoon, as a gloomy mood took hold around the world.

The FTSE (^FTSE) was 0.2% higher, while Germany's DAX (^GDAXI) fell 0.2% and the CAC (^FCHI) in Paris was almost flat. Indices started the day in the red.

The moves in Europe came following data that shows the Eurozone's GDP grew at a slower rate than expected quarter-on-quarter. Revised numbers show a 0.1% bump for the second quarter versus an estimated 0.3%.

Meanwhile the pound (GBPUSD=X) tested its lowest levels in three months, heading towards the $1.24 mark.

Across the Atlantic, US markets were also on mixed footing, with the S&P 500 (^GSPC) down 0.5% by mid-morning, the Dow (^DJI) almost flat and the tech-heavy Nasdaq (^IXIC) selling off around 1%.

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Apple was in the spotlight as one of the top fallers in the Nasdaq following a Wall Street Journal report that China had banned government officials from using the company's phones for work. This was part of a drive to improve cybersecurity and reduce foreign tech influence.

Apple's share price is around 24% lower than it was at this point three months ago, although it is still up more than 33% year-on-year.

Earlier in the day, there was further evidence of softness in the UK housing market, as fresh data showed further falls in house prices.

Prices in the UK fell by 4.6% on an annual basis in August, marking the biggest year-on-year decrease since 2009, new data from Halifax showed on Thursday.

Read more: UK house prices see biggest annual fall since 2009

However, Halifax said it was relative to the record-high property prices seen last summer.

On the month, prices dropped 1.9% compared to July with the average home now costing £279,569, down by around £5,000 – their steepest monthly decline since November 2022.

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