European markets end Wednesday down as earnings hold spotlight; L'Oreal down 6%
European stocks ended Wednesday’s session slightly negative as regional corporate earnings reports rolled in.
The pan-European Stoxx 600 was almost 0.2% lower by the closing bell, with no broad consensus movement seen among sectors and major bourses.
Looking at individual stocks, British lender Barclays raised its guidance and announced a £500 million ($667 million) share buyback in its third-quarter earnings on Wednesday. Its shares ended the day 4.9% higher.
L’Oreal stock finished down by 6.7% after quarterly growth disappointed markets, despite like-for-like sales growth of 3.4%, with sluggish North America sales and tariffs weighing on the French firm. It did, however, post growth in China. L’Oreal is set to purchase Gucci owner Kering’s beauty business.
The world’s second-largest brewer, Heineken, expects to sell less beer in 2025 as demand was softened by macroeconomic challenges in the third quarter. Beer volumes dropped by 2.3% in the third quarter. The firm narrowed its full-year forecast, predicting volumes will be towards the lower end of the 4% to 8% guidance. Its shares rose more than 1%.
Shares of Birkin bag maker Hermes closed down 2.3%, after the firm reported weaker-than-expected third quarter sales of 3.9 billion euros. The figure marked a 10% jump from the same period a year earlier at constant exchange rates. Its leather goods and saddlery division — which includes handbags — led growth with a year-on-year constant currency sales boost of 13%, which the company labeled “a remarkable performance.”
Source : Cnbc.com
