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European Stocks Flat as Miners Drop, Apple Suppliers Add Pressure

European Stocks Flat as Miners Drop, Apple Suppliers Add Pressure

European markets finished relatively flat on Wednesday, as a mixed performance from overseas markets and a sharp drop in mining stocks added pressure on the region.

The pan-European Stoxx 600 closed 0.02 percent lower, while sectors pointed in different directions. The French CAC 40 and German DAX finished on a high, ending 0.17 and 0.23 percent respectively. A decline in London-listed miners weighed on the FTSE 100, which ended 0.28 percent lower.

Basic resources stocks led declines, as profit-taking hit metal prices. The sector dropped 1.75 percent after commodity traders claim an emergence of funds offloaded copper and had failed to carry into the market, according to a report from Reuters.

Anglo American, Antofagasta, BHP Billiton and Glencore all closed lower by two percent or more, on the back of a drop in copper and nickel prices.

Chipmakers supplying to Apple were among the worst performers, with AMS falling 3.9 percent, Dialog Semiconductor dropped 1.6 percent and STMicro rose 0.1 percent.

Traders said their shares were weighed down by Apple's new $999 iPhone X that will ship later than expected, on November 3. The price tag could also pull down demand for the device in markets like China.

Chipmakers have been the best performing among tech stocks this 2017, accounting for a large part of the sector's outperformance. Shares of AMS have gained 165 percent year-to-date.

Looking to media stocks, France's Vivendi, jumped towards the top of the benchmark after UBS upgraded its stock rating for the company to "buy" from "neutral". Vivendi shares rose 2.78 percent.

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