European stocks set for another mixed open with more earnings to come
European markets closed lower Wednesday as investors in the region focused on corporate reports and U.S. Treasury yields.
The pan-European Stoxx 600 index provisionally closed around 0.3% lower, with most sectors and major bourses in the red.
There were earnings aplenty on Wednesday, with Deutsche Bank beating expectations in its return to profit in the three months to September. Shares of the German lender continued their decline after a German court ruled against the company in a long-standing legal dispute with shareholders who alleged the lender underpaid in its acquisition of German retail bank Postbank.
Meanwhile, Heineken was last up 2.6% and Swedbank up 5%. Volvo Cars traded 5.9% lower, AkzoNobel was down 3.5% and L’Oreal fell 2.5% after the firms reported earnings earlier.
European stocks are expected to open in mixed territory on Thursday, as traders await another batch of earnings reports, and as U.S. market declines weigh on global sentiment.
The U.K.’s FTSE 100 index is expected to open 26 points higher at 8,281, Germany’s DAX down 6 points at 19,377, France’s CAC down 3 points at 7,495 and Italy’s FTSE MIB up 17 points at 34,532, according to IG data.
It’s another busy day of European earnings on Thursday with Barclays Renault Unilever Hermes Sodexo Saab, Danone and Dassault Systemes among those reporting.
Global market sentiment has taken a hit after U.S. markets posted more declines on Wednesday. The Dow ended the session with its biggest one-day loss since early September, dropping more than 400 points, or 0.96%. The S&P 500 slipped 0.92%, while the Nasdaq Composite fell 1.6%. It was the third straight losing day for the Dow and the S&P 500.
The declines prompted Asia-Pacific markets to mostly fall overnight. U.S. stock futures linked to the S&P 500 traded near the flatline.(Cay)
Source : CNBC
