European Stocks Down, Corporate Results Disappoint
The STOXX 50 fell 0.5% and the STOXX 600 fell 0.4% on Thursday, extending losses from the previous session as renewed concerns over a global trade war resurfaced. Investors also shifted their focus to the potential economic impact of impending tariffs. Meanwhile, corporate earnings continued to pour in.
Siemens shares fell 3.6% after the company’s second-quarter results failed to impress investors. The company acknowledged “increased uncertainty in the economic environment” and left its full-year outlook unchanged.
Merck shares fell more than 4% after the company lowered its full-year guidance, while Allianz fell 3.6% after missing profit expectations and maintaining its existing forecast. On a more positive note, Deutsche Telekom edged up 0.2% after beating revenue estimates and raising its full-year guidance. (Newsmaker23)
Source: Trading Economics