Europe’s main stock index ticked lower on Friday as bleak earnings from automobile firms Valeo and Mercedes dragged down the sector, and was set for a weekly decline.
The pan-European STOXX 600 was down 0.3% as of 0718 GMT, on track for its first weekly loss in three as investors navigated corporate earnings, the global rate-cut trajectory and the upcoming U.S. elections.
Auto stocks fell 0.9% while NatWest’s positive results underpinned bank stocks, up 0.4%.
Europe’s STOXX 600 rises in broad-based advance on earnings impetus
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German automaker Mercedes-Benz fell 3.7% after third-quarter earnings in core car division massively missed estimates, while Valeo shed 7.5% as the automotive supplier cut its annual sales guidance for the second time this year.
French spirits-maker Remy Contreau shed 3% at open after dropping its forecast that its full-year sales would gradually recover after quarterly sales fell more than expected, and was last down 0.3%.
Source: Brecorder
