European Stocks Ease from Records
European stocks closed lower on Thursday, tracking a late afternoon drop in North American equity markets on fresh signs of unease over AI capital expenditure and the potential for restrictive rates by the Federal Reserve, in addition to a batch of less-favorable earnings reports.
The STOXX 50 dropped 0.5% to 6,004 and the STOXX 600 fell 0.6% to 618 after reaching a record high last session. ASML, Prosus, and Infineon dropped around 2% each to track the pessimistic momentum for companies with exposure to AI. In the meantime, Adyen plunged over 21% after missing its earnings estimates.
Elsewhere, Sanofi dropped 4.5% after its board ousted its CEO on a stalled turnaround for the vaccine giant. Also, Mercedes-Benz dropped 1.5% after a decline in profits. On the other hand, Siemens closed slightly higher, easing from rising up to 7% in the session, after the technology group lifted its earnings guidance on the back of a strong start to its fiscal year.
Source: Tradingeconomics.com
