Europe Stocks Drop for Fourth Day on Glum ASML, Renault Results
European stocks fell for a fourth straight day on a slate of disappointing earnings reports, including from ASML Holding NV and Renault SA.
The Stoxx Europe 600 Index dropped 0.2% at 8:17 a.m. in London, tracking its longest losing streak in a month. French automaker Renault sank as much as 16%, the most in more than five years, as it cut its margin outlook for the year. Dutch chip-equipment maker ASML dropped 6.7% after walking back its growth forecast for next year due to trade disputes.
The UK’s export-heavy FTSE 100 outperformed the broader European benchmark as the pound strengthened after data showed an unexpected rise in inflation to its highest level since January 2024.
European stocks have struggled to hit new highs in recent weeks on lingering uncertainty around the US trade war. President Donald Trump said he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well.
Focus is now on the corporate earnings season to spur further gains in the benchmark index. Analysts expect a 4.8% drop in second-quarter profits for MSCI Europe firms, according to data compiled by Bloomberg Intelligence.
Source : Bloomberg
