Mixed bag in Europe as earnings sour mood
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MIXED BAG IN EUROPE AS EARNINGS SOUR MOOD
European stocks are heading for a soft start to Wednesday, as some major earnings in chips and luxury sour the mood, with EuroSTOXX50 STXEc1 futures off 0.8% and DAX futures FDXc1 ticking 0.2% lower.
CAC .FCEc1 futures are the worst performers, down around 1.3%. French luxury giant LVMH LVMH reported results post-close on Tuesday, showing sales falling 3% as China demand for luxury goods worsens. Shares in LVMH were down 5.1% on Tradegate in early trading.
Meanwhile, FTSE futures are bucking the trend, up 0.4%, getting a boost after data showed UK inflation fell more than expected to 1.7% in September.
European stocks turned lower before the close on Tuesday, after computer chip equipment maker ASML ASML.AS forecast lower than expected 2025 sales and bookings on sustained weakness in parts of the semiconductor market, pushing its shares to their biggest one-day drop since 1998.
Q3 earnings have begun in earnest in Europe, with analysts having downgraded estimates for European corporate earnings at the fastest pace in seven months this week, setting a lower bar for beats, while more optimism over the global outlook might spare shares from severe punishment for misses.
Autos are likely to be in focus after carmaker Stellantis STLAM.MI said it expects a 20% yearly drop in consolidated shipments in the third quarter to 1.15 million units globally.
Just Eat Takeaway TKWY.AS has reported a lower than expected gross transaction value (GTV) for the third quarter.
In positive news, Adidas ADSGn.DE on Tuesday raised its full-year sales and profit guidance.
(Lucy Raitano)
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FOR TUESDAY'S OTHER LIVE MARKETS POSTS
CHIPS AND LUXURY LEAD THE WAY LOWER CLICK HERE
European luxury and tech stocks struggle for momentum https://reut.rs/3zYybTU
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