(Bloomberg) -- European stocks slipped on Friday as a slump in NatWest Group Plc and Sanofi shares after their poor earnings updates offset gains in the energy sector.
The Stoxx 600 ticked 0.3% lower at 8:19 a.m. in London, with the healthcare and media sectors leading declines, while the energy subindex gained. Universal Music shares plunged after the record label's third quarter earnings missed analyst estimates.
Remy Cointreau SA was among the region's laggards after cutting its annual sales guidance, citing weaker-than-anticipated demand in the US for its high-end spirits. NatWest also declined, having become the latest UK lender to cut margin guidance as higher interest rates stirred competition for deposits.
Stocks in the US looked set to rebound as Nasdaq futures rose following upbeat earnings from tech heavyweights Amazon.com Inc. and Intel Corp on Thursday. The positive results come after Facebook owner Meta Platform Inc.'s print added to concerns about the tech sector.
Michael Hewson, chief market analyst at CMC Markets, said this was another “disappointing” week for European markets, noting that the DAX Index was on track for its sixth weekly decline in a row, which would take it back to levels seen in March. He also highlighted that the FTSE 100 had struggled in terms of gains this week.
“Against such a backdrop it's therefore somewhat surprising that the US economy continues to look so strong, with last night's impressive Q3 results from Amazon serving to underscore that fact, with the shares rising in after-hours trade,” Hewson said.
For more on equity markets:
- Things Look Bad, Yet a Rebound Isn't Impossible: Taking Stock
- M&A Watch Europe: TotalEnergies, Covestro, Sanofi, UniCredit
- Worldline Faces Repayment on Busted Convertible Bonds: ECM Watch
- US Stock Futures Rise; Dexcom Inc, NerdWallet, Coursera Gain
You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance. To subscribe to a daily list of European analyst rating changes, click here.
--With assistance from Michael Msika.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
