European markets open lower as investors react to corporate earnings
European stocks opened in negative territory on Tuesday, reversing positive sentiment seen at the start of the new trading month.
The pan-European Stoxx 600 traded more than 1.1% lower at 8:05 a.m. (3:05 a.m.ET).
The U.K.’s FTSE index opened almost 0.7% lower, while Germany’s DAX fell 1.5%, France’s CAC 40 was down 1.4% and Italy’s FTSE MIB dropped 1.1%.
European stocks had opened the new trading week — and month — on a positive note ahead of a busy week of central bank decisions and earnings; on Tuesday, we’ll be getting third-quarter results from BP, Philips, Geberit, Associated British Foods and Ferrari.
Releasing its latest earnings earlier, Saudi Aramco posted a 0.9% jump in third-quarter profit on the back of higher production, even as prices remained under pressure.
BP’s earnings will be closely watched Tuesday after the oil major advanced around 1.2% on Monday after it announced that it would sell certain U.S. onshore midstream assets in the Permian and Eagle Ford basins to Sixth Street for $1.5 billion.
Taking a look at global markets, Asia-Pacific markets traded mixed overnight and U.S. stock futures were slightly lower. That comes after the S&P 500 and Nasdaq Composite both closed higher yesterday on the back of continued enthusiasm around the artificial intelligence trade.
Stocks tied to the biggest AI players drove Monday’s gains, with Amazon inking a $38 billion deal with OpenAI that took the e-commerce giant to a record closing high, ending the day 4% higher.
Source : Cnbc.com
