European stocks close lower as semiconductor companies suffer losses from Nvidia –

European stock markets closed mostly lower on Wednesday, May 4, amid a continued sell-off in technology stocks after Nvidia and other semiconductor makers tumbled on Wall Street the previous day. Volkswagen shares fell on warnings of layoffs in Europe amid fierce competition in the auto sector.

Frankfurt’s DAX index closed down 0.83% at 18,590.95 points. London’s FTSE 100 index fell 0.35% to 8,269.60 points. The CAC 40 fell 0.98% to close at 7,500.97 points. Prices are preliminary.

In Amsterdam, chipmaker ASML fell 3.93% after UBS cut its rating on the stock to neutral from “buy” amid expectations of a decline in sales in China. ASM International fell 5.30% on the same exchange. Elsewhere on the continent, Infineon lost 1.41% and Apple supplier STMicroelectronics managed to gain 0.49%.

Volkswagen fell 0.98% after the German automaker warned employees about cuts and adjustments needed in Europe. Also in the automotive sector, Swedish automaker Volvo fell 1.87% after announcing it was abandoning its goal of having an all-electric lineup by the end of the decade.

Ryanair and Wizz Air fell 1.37% and 3.02% respectively, even after a jump in passenger numbers in August on demand for low-cost airfares in the summer season.

Investors digested data on lower deflation in the euro zone and activity in the services sector. Amid expectations about the direction of interest rates, European Central Bank (ECB) governor Piero Cipollone said there was a real risk that the ECB’s stance would be “too restrictive.” ECB member François Villeroy de Galhau said it was not the ECB’s role to help “this or that state.”

The Ibex 35 in Madrid fell 0.65% to 11,206.04 points amid repercussions over the confirmation that José Luis Escrivá will be the new president of the Bank of Spain. The FTSE MIB in Milan lost 0.54% to 33,682.26 points. In Lisbon, the PSI 20 rose 0.49% to 6,739.83 points. Prices are preliminary.

*With information from Dow Jones Newswires