(Reuters) - European shares stumbled on Thursday, weighed down by a string of disappointing corporate earnings, while a slump in global tech stocks further dented sentiment. The pan-European STOXX 600 index fell 1% to a more-than-two-month low as of 0717 GMT, with the media sector's 4.6% slide, the most among sectors.
Universal Music Group lost 26% after reporting a slowdown in its subscription and streaming segment in the second quarter. The tech sector lost 2.7%, triggered by a sell-off in U.
S. tech stocks overnight that sent the Nasdaq tumbling nearly 4% in its worst single-day decline since 2022. [.
N] The automobile sector lost 2.6%, dragged by a 9.2% tumble in Stellantis after the carmaker delivered worse-than-expected first-half results.
Adding to the drag, Renault retreated 8% after alliance partner Nissan Motor slashed its full-year outlook after its first-quarter profit was almost completely wiped. Nestle fell 3.7% after the KitKat maker reported half-year sales growth below analysts' forecast and lowered its full-year organic sales growth outlook.
Kering lost 8% after the French luxury group reported a bigger-than-expected drop in second-quarter sales and forecast a weak second half of the year. Among the bright spots, Unilever gained 7% after it beat first-half profit estimates. (Reporting by Pranav Kashyap in Bengaluru; Editing by Savio D'Souza).