European shares slide as Turkey anxieties linger
By Julien Ponthus and Helen Reid
LONDON (Reuters) - European shares slipped on Friday as investors licked their wounds after a tumultuous week, eyeing further turbulence in emerging markets and weakness in tech stocks.
The pan-European STOXX 600 <.STOXX> fell 0.1 percent, staying close to the six-week low it hit earlier in the week.
The index was down 1.3 percent on the week, its worst loss in seven weeks as the market reeled from a currency crisis in Turkey driving selling across emerging markets.
The Turkish lira
"The consequences for European economies [from Turkey] could be more severe from a geopolitical perspective," Goldman Sachs analysts wrote, arguing trade and financial links with the country were relatively small.
"To declare with confidence that the worst is over for the lira, the central bank would have to act decisively (...), diplomatic tension with the U.S. would have to ease and prudent fiscal measures and structural reforms would have to be swiftly implemented," Rabobank analysts said in a note.
Among key movers was Italy's Atlantia (NYSE: ATL), up 5.7 percent after sinking in the previous session in the aftermath of the collapse of a road bridge in Genoa. Atlantia is the parent company of the toll-road operator.
Dutch oil and chemical storage firm Vopak
Still in the Netherlands, speciality chemicals firm IMCD
The world's biggest brick maker, Austria's Wienerberger
A.P. Moller-Maersk's
Air France
"This has already proved controversial with the French unions, but we understand he has the clear backing of the French state, which remains the largest shareholder," Liberum analysts said in a note.
Traders cited a negative note by Societe Generale, which has a "sell" rating on the airline, to explain the downward move.
A Reuters report that at least three consortiums have been formed to launch multibillion-euro bids for a state-owned stake in ADP (NASDAQ: ADP) boosted shares in the operator of Paris Charles de Gaulle and Orly airports up 1.2 percent to the top of France's SBF 120 <.SBF120> index.
The tech sector <.SX8P> fell 0.4 percent after U.S. firm Applied Materials (NASDAQ: AMAT), the world's largest supplier of equipment used to make chips, forecast current-quarter profit and revenue below Wall Street estimates.
European chipmakers Infineon
(Reporting by Julien Ponthus and Helen Reid; Editing by Toby Chopra)
