European equities are trading slightly lower on Friday as renewed doubts over returns from heavy artificial intelligence spending weigh on technology stocks. Even so, the regional benchmark remains on course for weekly and monthly gains, supported by resilient corporate earnings across several major companies.
Highlights
- STOXX 600 falls 0.25% to 647.49 as technology sector drops 2% following disappointing Amazon and Intel earnings and ongoing AI-return concerns.
- Strong earnings from ASML, Shell, and Airbus help offset tech sector weakness, keeping the benchmark on track for weekly and monthly gains.
- BP rises 1.1%, Puma gains 4%, and Bayer climbs 4.1% after beating expectations and securing favorable court outcomes amid ongoing political and macroeconomic uncertainty in France.
Tech weakness offsets broader earnings support
As reported by Reuters, the pan-European STOXX 600 index is down 0.25% at 647.49 by 0809 GMT, with technology stocks leading Friday's declines. The sector index falls 2% after earnings from Amazon and Intel revive investor concerns about whether elevated AI-related investment can deliver sustainable returns.Despite the pressure on tech shares, the benchmark is still set to record both weekly and monthly gains. Strong results from companies including ASML, Shell and Airbus are helping reinforce confidence in the broader health of European corporates.
France politics and earnings shape sentiment
Political uncertainty in France is also weighing on market sentiment this month, as the country faces rising pressure from higher living costs and elevated government debt.Among individual stocks, BP rises 1.1% after reporting third-quarter net income above expectations, while German sportswear maker Puma jumps 4% following its quarterly earnings. Bayer gains 4.1% after winning a trial on Thursday over claims by three women that its Roundup weedkiller caused their cancer.
Investors are also awaiting third-quarter euro zone gross domestic product figures due later in the day, with the data likely to offer a further read on the region's economic momentum.
In our earlier coverage of France’s fiscal consolidation plans and bond-market stress, we explained how political uncertainty and worries about the budget deficit were pushing French government borrowing costs higher. We also noted that rising OAT yields were weighing on investor confidence, raising concerns about spillover effects for French equities and the wider euro zone.
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