STOXX 600 drops on tepid earnings, set for worst month in a year

reuters_tickers

(Reuters) – Europe’s benchmark index opened lower on Thursday, and was set to record its worst monthly performance in a year, while moves were mainly powered by a mixed bag of earnings.

The pan-European STOXX 600 dropped 0.6% by 0812 GMT, falling to its lowest level in nearly two months.

The index is down 2.72% on the month, poised to drop for a second straight month and to log its worst monthly performance since October 2023. Its previous steepest monthly drop in that period was a 1.5% decline in April.

Technology stocks dropped 1.1% on the day and were the biggest drag on the benchmark.

Overnight, results from Meta and Microsoft showed Big Tech is stepping up AI investments but the lack of quick and big returns has worried investors. [.N]

In earnings-driven moves, TotalEnergies lost 1.7% after the French oil major’s third-quarter adjusted net income hit a three-year low.

BNP Paribas tumbled 6.5% after the lender reported its third-quarter results.

Anheuser-Busch InBev lost 3% after the Budweiser maker missed estimates for third-quarter profit, revenue and sales volume.

Shell gained 1.1% after the energy giant’s quarterly profit of $6 bln beat forecasts.

Airbus rose 2.9% after the planemaker picked a successor for its jetmaking arm, while the CEO stays on.

On the data-front, Euro zone’s flash and Italy’s preliminary CPI figures are due at 1000 GMT.

French preliminary inflation was at 1.5% in October, while German retail sales unexpectedly rose in September.