European Stocks Little Changed on Earnings Rise
Both the STOXX 50 and the STOXX 600 were flat on Wednesday as traders digested a slew of corporate results. L'Oreal shares fell 3.4% after the company's sales disappointed on weaker demand in China. Deutsche Boerse fell 2.1% and Deutsche Bank shares fell nearly 4% even though Germany's largest lender returned to profit in Q3 after a loss in Q2. Akzo Nobel fell more than 5.3% after reporting a drop in third-quarter net profit.
Adidas also fell (-1.3%) after HSBC cut the stock from buy to hold. Elsewhere, Heineken rose 1.7% on sales that beat estimates, Iberdrola gained 1.6% after its results surprised to the upside. Swedbank jumped more than 5.8% after reporting better-than-expected earnings. Additionally, Roche was in the green (0.7%) after confirming its profit outlook for the year and Volvo was also higher (1.3%) after beating profit expectations despite lowering its full-year guidance.
Source: Trading Economist