European stocks fall; Mercedes down 3.2% after earnings plummet
European stock markets were lower Friday, rounding off a largely negative week for global stocks as third-quarter earnings season has ramped up.
The pan-European Stoxx 600 has shed 1.14% in the week to date, and was down another 0.28% by 9:20 a.m. in London. Travel stocks led losses, down 0.71%.
Corporate results have proven a mixed bag, with many banks beating expectations but other sectors keeping investor sentiment wary.
Mercedes shares fell 1.8% after the German automaker reported a 64% plunge in operating profit in its core cars division, blaming “weaker macroeconomic conditions and fierce competition, mainly in Asia.”
French spirits maker Remy Cointreau dropped 1.26% after slashing its sales outlook for the full year, saying it now expects a double-digit decline rather than a gradual recovery amid weakness in the U.S. and Asia-Pacific. High-end European drinks firms are being hit by higher duties on their Chinese exports, in a retaliatory move for European Union tariffs on Chinese electric vehicles.
Source: CNBC
