European shares slip as investors digest mixed earnings
2023.07.20 03:29
© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 19, 2023. REUTERS/Staff
(Reuters) – European shares edged lower at open on Thursday, as investors assessed mixed earnings from companies in the region while disappointing results from U.S. heavyweights Tesla (NASDAQ:) and Netflix (NASDAQ:) also weighed on sentiment.
The pan-European index was down 0.2% by 0705 GMT.
Frankfurt-listed shares of big U.S. names Netflix (ETR:) and Tesla (ETR:) fell 8.2% and 3.7% respectively, after disappointing results from both companies late on Wednesday.
Saab (ST:) climbed 3.2% after the Swedish defence group raised its organic sales growth guidance.
Volvo Cars (ST:) dropped 6.3% after posting a 54% fall in second-quarter operating earnings though the Sweden-based automaker forecast healthy demand for its vehicles.
Electrolux (ST:) dropped 10.7% after Europe’s biggest home appliances maker swung to a loss in the second quarter.
Technology was the biggest sectoral loser with semiconductor firm ASML Holding (NASDAQ:) down 3% and extending declines after posting results on Wednesday.
