European stocks opened in negative territory on Tuesday (November 4), reversing the positive sentiment seen at the start of the new trading month.
The pan-European Stoxx 600 index was trading more than 1.1% lower at 8:05 a.m. (3:05 a.m. ET).
The UK's FTSE 500 index opened nearly 0.7% lower, while Germany's DAX fell 1.5%, France's CAC 40 fell 1.4%, and Italy's FTSE MIB fell 1.1%.
European stocks opened the new trading week—and the month—on a positive note ahead of a busy week of central bank decisions and earnings reports; on Tuesday, we'll get third-quarter results from BP, Philips, Geberit, Associated British Foods, and Ferrari.
Releasing its latest earnings report, Saudi Aramco posted a 0.9% jump in third-quarter profit thanks to increased production, despite continued price pressure.
BP earnings will be closely watched on Tuesday after the oil major rose about 1.2% on Monday after announcing it would sell some US onshore midstream assets in the Permian and Eagle Ford basins to Sixth Street for $1.5 billion.
Looking at global markets, Asia-Pacific markets traded mixed overnight, and US stock index futures weakened slightly. This comes after the S&P 500 and Nasdaq Composite closed higher yesterday, driven by continued enthusiasm for artificial intelligence trading.
Stocks linked to the biggest AI players led the gains on Monday, with Amazon signing a $38 billion deal with OpenAI that brought the e-commerce giant to a record closing high, ending the day up 4%. (alg)
Source: CNBC
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