European stocks mixed; corporate earnings in focus
Investing.com — European stock markets traded in a mixed fashion Thursday, as investors digested more corporate earnings with the tech sector particularly fragile following weak cues from Wall Street.
At 03:40 ET (07:40 GMT), the DAX index in Germany traded 0.1% lower, while the FTSE 100 in the U.K. gained 0.5% and the CAC 40 in France rose 0.1%.
The quarterly earnings season is starting to ramp up in Europe.
Nokia (HE:NOKIA) stock fell 0.6% after the Finnish telecom gear group reported a drop in second-quarter profit as growth in sales of 5G gear in low-margin markets such as India failed to offset slowing demand in North America.
Volvo Car (ST:VOLCARb) stock fell 4.8% after the Sweden-based automaker reported a 54% fall in second-quarter operating earnings with last year's profit was boosted by a one-off gain, while also acknowledging pricing pressures ahead.
Electrolux (ST:ELUXb) dropped 10.7% after Europe's biggest home appliances maker swung to a loss in the second quarter.
On the flip side, Saab (ST:SAABb) stock climbed 3% after the Swedish defence group raised its organic sales growth guidance, while Publicis (EPA:PUBP) stock soared 4.3% after the French advertising giant lifted its 2023 guidance on the back of steady organic growth in its second quarter.
A lot of attention is on the tech sector Thursday after streaming giant Netflix (NASDAQ:NFLX) reported a miss with second-quarter revenue despite the addition of 5.9 million new streaming customers.
Additionally, EV manufacturer Tesla (NASDAQ:TSLA) said its profitability shrank in the second quarter, with CEO Elon Musk signaling he would cut prices again in «turbulent times», as his price war on automaker rivals hits the company's own margins.
In Asia earlier
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