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Global Stocks Fall, Take Cue From Wall Street Selloff

Stocks in this article: ARMH ALU

LONDON (The Deal) -- Global stock indices took  their cue on Friday from a selloff on Wall Street as investors fretted about the valuation of stocks  in the technology sector and well beyond.

In London, the FTSE 100 was down 1.2% at 6,564.12. In Frankfurt, the DAX tumbled 1.4% to 9,326.29 and in Paris the CAC 40 dropped 1.2% to 4,359.33.

Data which may sway sentiment Friday includes  U.S. producer price figures for March  out at 8.30 a.m. EDT.

Semiconductor group ARM Holdings (ARMH) led the FTSE 100 lower, with the stock down more than 4%.  Among the other losers in an index where all but three companies fell was Next, a clothing retailer which is increasing sales and profit faster than its peers and whose stock has risen well over 50% in the past year.

Outside the main index, online takeout food portal Just Eat, which listed last week at a multiple of more than 100 times earnings, declined almost 4%. But discount fashion retailer Bonmarche Holdings, which also listed recently, rose after Investec Bank upgraded its full-year earnings estimate and reiterated its buy recommendation following above-forecast first-quarter sale figures.

On mainland Europe, technology stocks in decline included networking equipment maker Alcatel-Lucent (ALU - Get Report)and IT services company Cap Gemini in Paris and chipmaker Infineon Technologies in Frankfurt.

In Paris, utility GDF Suez declined after Credit Suisse Group downgraded its recommendation to neutral from outperform.

In Tokyo, the Nikkei 225 plummeted 2.4% to close at 13,096.05, with 202 members down.  Among the  largest losers were SoftBank, the telecom and new media company that controls Sprint (S) and NTT Data.

In Hong Kong, the Hang Seng closed down 0.8% at 23,003.64. I nsurer AIA Group, once the Asian unit of American International Group, closed up more than 3% after  it said new business had risen 22% in the first quarter.

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