In a turbulent trading session, European stock markets experienced a sharp decline on Wednesday as lackluster earnings weighed heavily on the mood of investors. The pan-European STOXX 600 index fell 0.7% to its lowest point since September 23, as luxury and technology stocks suffered the most.
Adding to the market's gloom, the major players like LVMH and L'Oreal reported nearly 2% losses, with Kering diving 3.1%. Capgemini's drastic 7.
5% drop after revising down its 2024 revenue target further hit the tech sector, pushing it down 1.6% overall. Amid these setbacks, positive data emerged from the European economy.
Germany's economy exceeded expectations by growing 0.2%, while France saw a 0.4% rise in its third-quarter GDP.
Investors also anticipate crucial UK budget announcements and comments from the European Central Bank's Isabel Schnabel later today. (With inputs from agencies.).
