Stoxx 600, FTSE, DAX, CAC
A pedestrian crosses a flooded street after heavy rain in Paris on October 17, 2024.
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LONDON – European stocks were in negative territory on Wednesday as markets slowed and quarterly earnings fell.
The pan-European Stoxx 600 was down 0.2% on Wednesday, as of 10:25 a.m. in London (5:25 a.m. ET).
of Germany DAX The last was down 0.3%, from Italy FTSE MIB was less than 0.6% and that of France CAC 40 Around 0.7% loss seen.
of the UK FTSE The index was the only green shoot, up 0.7%.
Pan-European stocks run 600
Looking at personal savings, British lenders Barclays It raised its guidance and announced a £500 million ($667 million) share buyback in third-quarter earnings on Wednesday. Its shares rose nearly 4%.
L’Oreal The stock fell more than 6% after the market disappointed with quarterly growth, with sluggish North American sales and impact rates weighing on the French firm, despite a like-for-like sales increase of 3.4%. However, it followed the rise in China. L’Oreal is Set to buy Gucci owner dryBeauty business.
The world’s second largest brewer, HeinekenLess beer is expected to be sold in 2025 as demand was dampened by macroeconomic challenges in the third quarter. Beer volumes fell 2.3% in the third quarter. The firm lowered its full-year forecast, predicting that volumes would be at the lower end of guidance of 4% to 8%. Its shares rose 1.6%.
Shares of Birkin bag maker Hermes fell 4.3% in morning trade after the firm reported Weaker than expected Sales of 3.9 billion euros in the third quarter. The figure represents a 10% jump from the same period a year ago at constant exchange rates. Its leather goods and saddlery division – which includes handbags – grew with year-on-year constant currency sales growth of 13%, which the company labeled a “remarkable performance”.
Meanwhile, Randstad, the world’s largest recruitment firm, saw its share price fall 8% as it reported year-over-year declines in revenue, operating profit and net income. Third-quarter revenue fell 3.4% to 5.8 billion euros.
ITV sat at the bottom of the European Stocks 600 index alongside the Randstad, falling 8.3%, as investors reacted to news that its largest shareholder, Liberty Global, had sold half of its shares.
Unicredit beats
Italian bank UniCredit also posted better-than-expected quarterly earnings on Wednesday and described the three months to the end of September as a record quarter. Net profit came in at 2.6 billion euros ($3.02 billion), beating the average forecast of 2.4 billion euros compiled by the company.
Speaking to CNBC on Wednesday, Unicredit CEO Andrea Orcel discussed his bank’s relationship with Commerzbank, which has built a 26% stake over the past year.
“I didn’t give up (on Commerbank),” he told CNBC’s Silvia Amaro. “We are looking at how much more value they can create as investors.”
Orsel had attempted to take full control of the German lender, but was met with constant resistance from both the bank and the Berlin administration.
Orcel also noted that UniCredit is likely to increase its stake in Greek lender Alpha Bank to 30%.
Other earnings are in cards, co Reckitt Benckiser Group, DNB Bank, Swedish Handelsbanken And Akar Because of the report. SAP Will report in the evening.
The latest UK inflation figures Reveal that inflation is unchanged At 3.8% in September, it beat expectations for a marginal increase.
Regional stocks closed higher on Tuesday, but positive momentum appears to have stalled, perhaps as investors assess the prospect of a peace deal for Ukraine as currently slim.
US President Donald Trump was due to hold talks with Russian leader Vladimir Putin in the next few weeks about resolving the war in Hungary, but those have been put on hold, a US official said on Tuesday. NBC News reported.
The decision was taken after discussions between US Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov. Trump saw his support for Ukraine by suggesting last week that Kiev should be willing to cede territory to Russia.
— CNBC’s Chloe Taylor contributed to this report.
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