Why it matters
- The STOXX 600 was at about 640.09 around 12:43 GMT on Thursday, Oct. 22, down 0.68% from Wednesday, and the Euro STOXX 50 was down 1.29%, Yahoo Finance data showed, as disappointing results from U.S. megacap companies revived concerns over AI valuations, Trading Economics said.
- Hermès was down about 5.7% after reporting no sales growth in the region that includes China, while SAP was up about 1.9% after raising its full-year outlook and Nestlé about 1.6% on strong sales, Yahoo Finance data and Trading Economics showed.
- France's CAC 40 was down about 1.0% as French borrowing costs stayed above 5% ahead of Moody's review of the country's Aa3 rating, Trading Economics said.
Session recap: what happened in this region's trading day, with sources.
European stocks fell on Thursday, Oct. 22, as disappointing results from U.S. megacap companies reignited concerns over AI-related valuations and fueled a global equity sell-off, Trading Economics said. The STOXX 600 was at about 640.09 around 12:43 GMT, down 0.68% from Wednesday's close, and the Euro STOXX 50 was down 1.29%, according to Yahoo Finance data.
| Market, about 12:43 GMT | Level | Change vs. Wednesday |
|---|---|---|
| STOXX Europe 600 | 640.09 | −0.68% |
| Euro STOXX 50 | 6,127.35 | −1.29% |
| DAX (Germany) | 25,505.85 | −0.54% |
| FTSE 100 (U.K.) | 10,740.04 | −0.12% |
| CAC 40 (France) | 7,840.78 | −1.02% |
| FTSE MIB (Italy) | 48,781.00 | −1.74% |
| IBEX 35 (Spain) | 19,025.00 | −1.54% |
| AEX (Netherlands) | 1,134.30 | −0.70% |
| SMI (Switzerland) | 14,545.81 | −0.05%* |
Source: Yahoo Finance chart data. Levels are intraday, delayed and approximate; changes are from Wednesday, Oct. 21, closes. \Yahoo's five-day data showed no Wednesday SMI close; the SMI level and change come from its one-month daily data.*
Why are European stocks falling today?
Investors weighed mixed U.S. tech earnings after Wednesday's U.S. close, while oil prices extended gains amid renewed attacks on Saudi Arabian facilities, Trading Economics said. Earlier in the session, the STOXX 600 was down 0.9% and the Euro STOXX 50 1.5%, at its lowest since mid-June, it said. Technology led the losses in Frankfurt, where Infineon and Siemens Energy each fell more than 3%, it said.
The drop followed Wednesday's earnings-driven gains; see our Europe Wednesday recap.
Which stocks are moving?
Hermès was down about 5.7% around 12:43 GMT, Yahoo Finance data showed, after the luxury group reported no sales growth in the region that includes China, Trading Economics said. STMicroelectronics fell 3.2% and Kering 3.1% in Paris, it said.
SAP was up about 1.9%, Yahoo Finance data showed, after quarterly revenue topped 10 billion euros for the first time on 26% cloud growth and the company raised its full-year revenue outlook, Trading Economics said. Nestlé was up about 1.6% after strong third-quarter sales growth. Roche fell 1.3% despite stronger-than-expected sales, and Thales slipped 1.7% even after raising its outlook, it said.
How is the FTSE 100 trading?
The FTSE 100 was down about 0.12% around 12:43 GMT, Yahoo Finance data showed. Barclays fell more than 2% earlier after third-quarter investment banking revenue of 3.13 billion pounds missed expectations, and the bank announced a 500 million-pound buyback, Trading Economics said; it was down about 0.4% by 12:43 GMT. Sainsbury's fell more than 3%, and miners slid as gold, silver and copper fell, with Fresnillo down nearly 4%, it said.
What is happening with French bonds?
France's 10-year yield held above 5%, a 24-year high, on concerns about public finances and political turmoil, and its spread over German Bunds was about 160 basis points, the widest since the euro-area debt crisis, Trading Economics said. Germany's 10-year Bund yield held around 3.4% on safe-haven demand. Investors await Moody's review of France's Aa3 rating, which carries a negative outlook, it said.
The euro was at about $1.1206 and the pound at about $1.3372 around 12:58 GMT, Yahoo Finance data showed.
What comes next for European markets?
The ECB holds its next policy meeting Oct. 28-29. Asia's session is in our Asia Thursday recap, U.S. jobless claims and futures are in our day-ahead guide, and live levels are on the markets page.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- Trading Economics, Euro area stock market
- Trading Economics, Germany stock market (DAX)
- Trading Economics, France stock market (CAC 40)
- Trading Economics, U.K. stock market (FTSE 100)
- Trading Economics, France 10-year bond yield and Germany 10-year bond yield
- European Central Bank, Meetings of the Governing Council
- Yahoo Finance, chart data for the STOXX Europe 600, Euro STOXX 50, DAX, FTSE 100, CAC 40, FTSE MIB, IBEX 35, AEX, SMI, Hermès, SAP, Nestlé, Barclays, EUR/USD and GBP/USD