European Stocks Close Lower
European stocks closed lower on Wednesday, extending losses from earlier in the week as corporate earnings for the continent’s largest companies continued to miss investors’ expectations.
The Eurozone’s Stoxx 50 dropped 0.3% to close at 4,922 and the pan-European Stoxx 600 fell 0.3% to close at 519. L’Oreal took the spotlight this session and closed 2.5% after the giant’s sales disappointed on weaker Chinese demand during the third quarter.
Additionally, the Deutsche Boerse dropped 2% after posting its report for the quarter to lead the losses for the financial sector. In the meantime, Adidas lost 1.9% after being downgraded by HSBC. On the other hand, Iberdrola limited the Stoxx 50's pullback by posting earnings that surprised on the upside, lifting its shares by 1.5%.
Source : Trading Economics