European Stocks Extend Sharp Losses
European stocks closed firmly lower on Thursday, pressured by another round of pessimistic earnings results while markets assessed key economic data for hints on the ECB’s policy outlook.
The Eurozone’s Stoxx 50 closed 1.3% lower at 4,821, and the pan-European Stoxx 600 fell 1.2% to close at 505. Slower growth projections from Microsoft and a "significant acceleration" in AI-related infrastructure expenses announced by Meta weighed on European tech giants, driving SAP and ASML to drop over 2% each. AB InBev fell 5.8% after reporting a fall in beer volumes in Q3 due to weaker sales in China and Argentina.
Also, BNP Paribas plunged 4.2% as its results failed to impress investors even though the lender confirmed its 2024 trajectory. In contrast, Airbus gained 0.3% after its earnings and revenue beat forecasts. On the data front, inflation in the Euro Area rose more than expected to 2%. Considering all of October, the Stoxx 50 and the Stoxx 600 fell 3.4%.
Source : Trading Economics
