European Stocks Fall With Earnings in Focus; Legrand Slumps
European stocks fell, marking a pause after some dip buying on Wednesday, as investors braced for a flurry of earnings. Legrand SA shares dropped 11% as demand for data center infrastructure started to ebb.
The Stoxx Europe 600 was down 0.2% at 8:19 a.m. in London. The energy and construction sectors were among the biggest laggards, while mining and telecom shares outperformed.
Among individual stocks, Novo Nordisk A/S shares rise as much as 3.1% after a judge denied Pfizer Inc.’s request to temporarily block the Danish drugmaker’s $10 billion bid to acquire the obesity startup Metsera. Deutsche Post AG gained 5.3% as third-quarter earnings beat estimates.
European shares have eased from record highs as investors remained wary of stretched valuations in stocks linked to artificial intelligence. The regional index trimmed its year-to-date advance to 12%.
Investors will also be watching the Bank of England decision, with interest rates expected to remain unchanged at 4% as policy makers remain cautious about elevated inflation.
Source : Bloomberg.com
