2023-10-26 17:28:00
© Archyde.com. A trader on the Frankfurt Stock Exchange in a photo from Archyde.com archives
(Archyde.com) – European stocks trimmed early losses at the close on Thursday following the European Central Bank held interest rates as expected, while downbeat reports from institutions such as Standard Chartered weighed on the index.
The European index closed 0.5 percent lower. The automobile manufacturing sector led the sectoral losses.
The European Central Bank kept interest rates unchanged at four percent, ending an unprecedented series of rate hikes ten times in a row.
The health care sector was among the weakest performing sectors, as the shares of the Swiss dental implant company Straumann fell nearly ten percent following the American company Align Technology lowered its revenue expectations for the full year.
A group of pessimistic results also affected the index, as the shares of Siemens Energy Company (ETR:) fell 35.5 percent to record low levels following the German company said that it was in talks with the government regarding receiving government guarantees following huge setbacks in the company’s wind energy sector.
Standard Chartered shares stumbled 12.4 percent as the bank’s pre-tax profits fell by 33 percent in the third quarter, while a decline in commercial revenues pushed BNP Paribas shares to fall 2.6 percent.
The automobile manufacturing sector fell 2.1 percent, affected by a decline in the shares of the German company Mercedes-Benz following a decline in third-quarter profits, and a decline in the shares of the Swedish company Volvo Cars by 9.5 percent.
LSEG data showed that analysts in general expect the gains of the European STOXX 600 index to decline by 9.7 percent in the third quarter, which is a greater percentage than the 6.6 percent expected in early July.
(Prepared by Muhammad Aysem for the Arabic Bulletin – Edited by Ali Khafaji)
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