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An earnings miss by Amazon that hit US technology stocks overnight rippled through into other markets on Friday, with Asian stocks retreating from recent highs and European tech shares opening sharply lower.
Amazon's stock tumbled over 2 per cent on Thursday after it reported a slump in profits, as its rapid and costly expansion into new shopping categories and countries showed no sign of slowing.
"It has been a pretty good season for earnings and this is the first big company that has sown a few doubts on that, and it also raises question on where the broader tech sector is headed
