European Stocks Close Slightly Lower
European stocks trimmed early losses but still lower on Wednesday, pressured by pessimistic corporate earnings and persistent concerns that tariffs by the US government will erode growth for major economies.
The Eurozone's STOXX 50 closed marginally below the flatline at 4,967 and the pan-European STOXX 600 dropped 0.2% to close at 507. ASML posted a decline in its revenues and noted that concerns surrounding the unpredictable economic policy in the US is likely to hit orders from its main clients, driving its share price to plunge by 5.2%.
In the meantime, LVMH lost 1% to extend its decline this week to around 8% after its pessimistic revenues post. On the other hand, banks extended their strong momentum to prevent losses for the broader sector, with Nordea, UniCredit, and BNP Paribas adding close to 2%.
Source: Trading Economics
