European stocks slip as Barclays, Hermes disappoint; oil climbs
THE European Stoxx 600 dropped on Thursday (Oct 22), nearly giving back all of the prior session’s gains as investors weighed a heavy slate...
The European Stoxx 600 index slipped on Thursday, recovering only a fraction of the gains from the previous session. This decline occurred as investors grappled with a series of disappointing earnings reports and the impact of rising oil prices.
The pan-European Stoxx 600 index fell by 0.84 percent to 639.05 points by 0712 GMT after surging over 0.9 percent the day before. Political turmoil in France and ongoing protests added to investors' concerns.
Banking stocks led the decline, with Barclays shedding 2.5 percent following its release of a third-quarter profit before tax of £2.3 billion (US$3.08 billion), which fell short of the estimated £2.4 billion. The banking index plummeted by 2.1 percent.
Hermes also underperformed, dropping 6.7 percent as the Birkin bag maker's third-quarter revenue was slightly lower than what analysts had anticipated. Despite these setbacks, Nestle managed to gain 2.3 percent after announcing better-than-expected organic sales growth for the same period.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
