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STOXX 600 hits one-month low as bleak earnings weigh, tech stocks slump By Reuters

October 30, 2024
in Markets
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By Ankika Biswas and Pranav Kashyap

(Reuters) -Europe’s most important inventory index fell 1% to its lowest in over a month on Wednesday, as expertise and mining shares led a broader market decline within the aftermath of disappointing company earnings and a few key financial knowledge.

The pan-European closed 1.3% decrease, having hit its lowest degree since mid-September throughout the day, on observe for its worst month-to-month efficiency in a 12 months.

Benchmark indices on the key regional bourses together with these of Germany, France, Spain and Italy dropped 0.7% to 1.2%.

The tech sector, which incorporates chipmakers, fell over 2%, with analysts noting destructive read-across from downbeat forecasts by Belgium’s largest semiconductor-supplier Melexis and U.S. chip companies Qorvo (NASDAQ:) and AMD (NASDAQ:).

Shares in French IT consulting group Capgemini fell 6% after reducing its 2024 income forecast for the second time this 12 months.

The fundamental sources sector snapped a three-day profitable streak, with Anglo American (JO:) shedding 4% after BHP’s chairman stated the corporate has moved on from buying the British miner.

UBS Group’s shares dropped 4.5% as buyers centered on uncertainty about regulatory modifications, the broader outlook and the way a lot spare capital the financial institution would have going into subsequent 12 months.

This, coupled with a 2.5% fall in Amundi following the asset supervisor’s expectations of a higher-than-previously-expected tax surcharge, dragged the monetary providers index 2% decrease.

In the meantime, the euro zone financial system grew sooner than anticipated final quarter however the outlook was weak on threats of outsized tariffs from a possible Trump presidency in the USA, escalating commerce tensions with China and muted shopper confidence.

The largest shock got here from Germany’s third-quarter GDP knowledge which confirmed Europe’s largest financial system unexpectedly skirted a recession, however inflation rose greater than anticipated in October.

“General, we see little in these knowledge to help market expectations for a 50-bps charge reduce in December… Our forecast stays for a 25-bps reduce,” stated Pantheon Macroeconomics’ chief euro zone economist Claus Vistesen.

The ECB reduce rates of interest by 25 bps earlier this month, acknowledging slowing inflation and a worsening financial outlook.

The neck-and-neck race between Kamala Harris and Donald Trump forward of the U.S. presidential election on Nov. 5 additionally saved buyers on their toes.

Again on the earnings entrance, Campari (LON:) slumped 19% after the Italian spirits group considerably missed third-quarter earnings expectations.

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 29, 2024.    REUTERS/Staff/File Photo

Chip-making gear provider ASM Worldwide (AS:) jumped 5.4% after elevating its 2025 forecast vary, whereas Commonplace Chartered (OTC:) rose 4% after the lender’s third-quarter revenue greater than doubled year-on-year.

Swiss industrial firm Georg Fischer jumped 16% on plans to promote its machining options enterprise to United Grinding Group.

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Tags: bleakEarningshitsOneMonthReutersslumpstocksSTOXXTechWeigh
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