© Reuters. The German stock index DAX appears on an electronic board at the Frankfurt Stock Exchange, Germany, on Wednesday. Photo: Reuters.
(Reuters) – European stocks fell at the open on Thursday, as investors assessed mixed business results announced by companies in the region, and disappointing financial results from two US giants, Netflix (NASDAQ:) and Tesla (NASDAQ:), weighed on sentiment.
The pan-European STOXX 600 index was down 0.2 percent by 0705 GMT.
Frankfurt-listed shares of Netflix and Tesla fell 8.2% and 3.7%, respectively, after they announced disappointing earnings late on Wednesday.
But SABB (TADAWUL:) rose 3.2 percent after the Swedish defense company raised its forecast for organic sales growth.
Volvo shares fell 6.3 percent after the company reported a 54 percent drop in operating revenue for the second quarter, despite anticipating strong demand for its cars.
Electrolux fell 10.7 percent after Europe’s largest maker of home appliances turned to a second-quarter loss.
The technology sector recorded the biggest losses among the subsectors, with semiconductor company ASML Holding falling 3 percent, extending its losses after the company announced financial results on Wednesday.
(Reporting by Salma Najm for the Arabic Bulletin – Editing by Marwa Salam)
2023-07-20 08:06:00
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