[MARKET ANALYSIS] European bourses slip as the consequences of Apple's price hike spread to tech giants globally

European bourses (STOXX 600 -0.5%) are entirely in the red in the last session of the week, driven by another day of losses in South Korea (SK Hynix -8.4%, Samsung -5.3%). Some analysts are citing Apple's price hikes on products due to memory chip shortages as a catalyst for the recent sell-off, raising concerns that rising component costs could curb demand for devices. An analyst at Javelin Wealth Management also said the recent gains for chipmakers could come at the expense of product manufacturers. The losses in South Korean giants have weighed on European chip names (Infineon -3.1%, ASML -1.0%) and indices composed of technology companies (DAX 40 -0.8%, AEX -0.6%). Sectors highlight a negative bias. Optimised Personal Care (+0.8%), Food, Beverages & Tobacco (+0.6%) and Utilities top the sector pile. Energy (-1.5%) is the underperformer again, with Technology (-1.4%) and Financial Services (-1.1%) also lagging. Key movers include: Wise (+7.7%), beat FY revenue expectations and announced a new share buyback programme; Zalando (-5.9%), as BaFin begins a probe regarding the About You acquisition; Volkswagen (+0.8%), reportedly looking to intensify job cuts that could total 100k; Pandora (+3.3%), double upgrade to buy at BofA. US equity futures are mixed, with the NQ (-0.9%) holding onto Thursday's sell-off, though off its worst levels. After-hours, ON Semi (-10% pre-market) announced the acquisition of Synaptics (+7.6% pre-market), totalling c. USD 7bln.