European stock markets fell on Thursday, weighed down by mixed corporate earnings and lingering doubts about tech sector valuations, despite the rebound seen on US and Asian markets.
The main European stock markets opened in the red on Thursday, a sign of persistent caution among investors after several volatile sessions : the CAC 40 lost 0.61%, the DAX fell 0.30%, Milan lost 0.26% and London remained virtually stable (-0.01%) after a brief foray into positive territory.
Pan-European indices followed the same trend : the Stoxx 600 fell 0.21%, the FTSEurofirst 300 fell 0.20%, while the Euro Stoxx 50 fell 0.27%. Investors are digesting a new wave of quarterly results and awaiting the Bank of England’s monetary policy decision scheduled for midday.
Corporate results dictate the trend
The negative tone of the day stems largely from corporate earnings reports, which have been somewhat disappointing.
Legrand, the French electrical infrastructure specialist, slumped more than 11% after missing expectations for growth and margins over nine months, affected by higher US tariffs. This sharp fall led to a temporary suspension of trading and dragged down other stocks in the sector, such as Schneider Electric and Siemens Energy, both down around 2%.
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