2023-04-20 16:54:00
© Archyde.com. A screen showing German DAX data at the Frankfurt Stock Exchange on Wednesday. Photo by Archyde.com.
From Shrishi Sanyal
(Archyde.com) – European stocks closed lower for the second consecutive session on Thursday following corporate earnings came in lower than expected and automakers fell following weak quarterly results from Tesla (NASDAQ): US electric carmaker.
The pan-European STOXX 600 index fell 0.2 percent, with semiconductor company Nordic falling 17.6 percent to the bottom of the index following the chipmaker’s first-quarter sales came in lower than expected.
The automakers index fell 3.7 percent, its biggest one-day loss in five months.
And Elon Musk, CEO of Tesla, indicated that the company will continue to reduce its prices to stimulate demand, even following its profit margins were severely damaged in the first quarter.
Musk’s comments raised fears of a potential price war, hurting auto stocks on both sides of the Atlantic.
Renault shares (EPA:), Stelantis, Volkswagen, BMW and Mercedes fell between 3 and 8 percent. Tesla shares plunged 9 percent in US trading.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)
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