Meanwhile, Apple Inc AAPL.O fell 1.2% after the Nikkei reported that the company plans to cut iPhone and AirPod output as rising inflation starts to weigh on demand for consumer electronics. Expectations that the Fed could push harder and faster to tame inflation running at four-decade highs again powered financial stocks. US/ Among individual stocks, footwear chain Foot Locker FL.N slipped 0.8% as Cowen downgraded its rating to "market perform".