European stocks dropped on Monday, with tech companies leading a downward slide on worries about rising interest rates.
The Stoxx Europe 600 SXXP, -0.77% dropped 0.7%, weakening as U.S. stock futures ES00, -0.72% headed lower ahead of the market open. Markets are girding for aggressive action this year from the Federal Reserve to cool off the world’s largest economy.
Technology companies SX8P, -2.36% including ASML ASML, -4.54%, the big microchip equipment maker, were the worst performing sector. Atos ATO, -17.26% shares skidded 17% as the French IT services firm warned of worse margins than it previously forecast. Free cash flow is expected to be €-420 million, ahead of a previous estimate it would be positive. CEO Rodolphe Belmer, who only started last week, said the factors that weighed on its performance were “non-recurring.”
Molecular Partners MOLN, +25.39% jumped 27% in Switzerland after a Phase 2 trial showed its COVID-19 treatment reduced hospitalization, as Novartis NOVN, +0.51% exercised a right to commercialize the drug. Novartis will pay 150 million francs to Molecular Partners for the licensing, as well as “significant” royalties on any sales.
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