STOXX 50 and 600 extend losses as key earnings weigh on markets

The STOXX 50 declined by 0.9%, and the STOXX 600 fell by 0.6% on Thursday, marking a third consecutive session of losses as traders continued to analyze a range of corporate earnings and critical economic data.

STOXX 50 and 600 extend losses as key earnings weigh on markets

Slower growth projections from Microsoft and Meta's announcement of a "significant acceleration" in AI-related infrastructure spending dampened investor sentiment. AB InBev saw a 3% drop in its shares after reporting a decline in beer volumes for Q3, attributed to weaker sales in China and Argentina. Additionally, BNP Paribas plummeted over 6% as its earnings report did not meet investor expectations, despite the lender reaffirming its 2024 outlook. In contrast, Societe Generale's shares surged more than 8% following the announcement of a significant management overhaul and increased net profit.

Airbus rises 3.4% as Euro Area inflation hits 2%; major declines continue

Airbus also experienced a 3.4% gain after exceeding earnings and revenue forecasts. On the economic front, inflation in the Euro Area rose more than anticipated to 2%. For October, the STOXX 50 is down 2.9%, and the STOXX 600 has declined by 2.7%, marking the most significant monthly drop in a year.