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Tech, oil slump sends European shares to two-month low

Published 28/06/2017, 08:32
© Reuters. Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt
STOXX50
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STMPA
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MAERSKb
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CECG
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WPP
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BNZL
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TLW
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ASMI
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LEGD
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DLGS
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STOXX
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AMS
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SX8P
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SXEP
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STOXXE
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LONDON (Reuters) - A slump among technology stocks after a global cyber attack added to depressed crude prices to cast a cloud over European shares on Wednesday, sending them to their lowest in two months.

The pan-European STOXX 600 (STOXX) hit its lowest since April 24 in early deals, down 0.7 percent, in step with euro zone stocks (STOXXE) and blue-chips (STOXX50E).

Technology stocks (SX8P) fell 1.2 percent to a two-week low, the worst performer with every stock on the index in the red, hit by jitters after a ransomware attack swept the globe, disrupting computers at banks and large companies including WPP (L:WPP), Moeller Maersk (CO:MAERSKb) and Metro (DE:MEOG).

Semiconductor makers AMS (S:AMS), Dialog Semiconductor (DE:DLGS), ASM International (AS:ASMI) and STMicro (MI:STM) were among the worst performers.

Lower oil prices weighed on oil and gas stocks (SXEP), with Tullow Oil (L:TLW) the biggest faller after its first-half results.

Meanwhile, positive results and acquisitions drove the handful of gainers.

Business supplies distributor Bunzl (L:BNZL) rose 4 percent after saying a boost in recent acquisitions would help it increase first-half revenue 7 percent.

© Reuters. Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt

French industrial group Legrand (PA:LEGD) rose 2.8 percent after saying it would buy U.S. infrastructure company Milestone.

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