European stocks opened lower on Wednesday (November 5th), reflecting a global downturn amid growing concerns over sky-high tech valuations.
The pan-European Stoxx 600 Index was down 0.4% at 8:20 a.m. in London (3:20 a.m. ET), with most major bourses and sectors in the red.
The UK's FTSE 500 Index opened 0.1% lower, Germany's DAX 0.7% lower, France's CAC 40 0.4% lower, and Italy's FTSE MIB 0.3% lower.
European tech companies led the decline, with the Stoxx Europe 600 Technology Index down 1.2% following a sharp sell-off in U.S. tech stocks on Tuesday.
The sluggish sentiment seen in European bourses on Wednesday came amid a similar picture in US and Asia Pacific markets overnight, as investors appeared increasingly concerned about the high valuations of AI-related stocks and technology companies, fearing a bubble.
Overnight, futures contracts tied to the tech-dominated Nasdaq declined as investors continued to grapple with the next direction for large-cap tech stocks. Meanwhile, Japan's Nikkei 225 plunged below 50,000 overnight amid a broader decline in Asian markets as investors fled AI-related stocks.
Market sentiment was also hit yesterday when the CEOs of Goldman Sachs and Morgan Stanley warned investors to brace for a market downturn over the next two years.
Wednesday was a busy day for earnings reports in Europe.
Novo Nordisk shares started the session down 4.5% before reversing course and trading 2% higher. The Danish drugmaker posted a net profit of 20 billion Danish kroner ($3.1 billion) in its third-quarter earnings report, in line with analysts' expectations of 20.12 billion Danish kroner.
BMW shares fell 1.5% on Wednesday morning, as the German automaker's third-quarter earnings before interest reached 2.3 billion euros, in line with analysts' expectations.
Sweden's Riksbank will announce its latest interest rate decision on Wednesday, and on the data front, we'll see the latest German factory orders, UK new car sales, and the European purchasing managers' index (PMI). (alg)
Source: CNBC
European equities extended gains for a fourth consecutive session on Thursday, with both the STOXX 50 and the STOXX 600 rising nearly 0.2% to fresh record highs. The advance reflected a broadly posit...
Asia-Pacific markets mostly rose Thursday, following mixed trading on Wall Street as investors kept an eye on the U.S. government, which appeared poised to reopen as soon as the end of the week. Japa...
US stocks rallied, with the Dow surging 410 points to a new record high, while the S&P 500 and Nasdaq posted modest gains, as confidence grew that the prolonged government shutdown would end this ...
US stocks were higher on Wednesday, with the S&P 500 and Nasdaq each up 0.2%, while the Dow Jones gained 250 points to notch a new record high. Sentiment was buoyed by optimism that the governmen...
European stocks were higher on Wednesday, with the STOXX 50 up 0.6% and the STOXX 600 rising 0.4%, extending gains from the previous two sessions to reach fresh record highs. Investor sentiment remain...
The Hang Seng Index rose for the fourth day, climbing 0.6%, or 150.3 to 27,073.03 in Hong Kong. The index advanced to the highest closing level since Oct. 3. Alibaba Group Holding Ltd. contributed the most to the index gain, increasing 3.3%. Sino...
European equities extended gains for a fourth consecutive session on Thursday, with both the STOXX 50 and the STOXX 600 rising nearly 0.2% to fresh record highs. The advance reflected a broadly positive market sentiment following the resolution of...
Japanese stocks continued their rally on Wednesday (November 13th), boosted by the end of the US government shutdown, which boosted investor risk appetite. Furthermore, a weaker yen fueled expectations of an interest rate hike by the Bank of Japan...
Global financial market optimism has increased after the latest data indicated a strong chance that the Federal Reserve (The Fed) will cut interest...
Asian stocks advanced for a second consecutive day as progress toward ending the record-long US government shutdown lifted sentiment,...
Fed increasingly fractured over Dec rate cut
Federal Reserve officials are growing increasingly fractured over whether to cut interest rates in...
Lawmakers returned to Washington on Tuesday (November 11th), after a 53-day recess, facing crowded airports across the country for a vote that could...