London, Thursday, 20 October 2022
The pan-European STOXX 600 lost 0.3%, and Germany's DAX 40 dropped 0.4% on Thursday as investors digested a slew of corporate earnings reports and considered rising bond yields, the possibility of persistently high inflation and further monetary tightening, as well as a number of corporate earnings reports.
On the business front, Ericsson shares dropped to their lowest level since March 2020 after reporting lower-than-anticipated operating earnings and margins for the third quarter.
While Nokia fell after the company's operational profit and margins failed expectations, Volvo AB fell as operating margin dipped.
In the meantime, Bankinter's net interest income and the Q3 earnings and revenues of Deutsche Boerse also exceeded expectations.
European Union leaders have started a two-day summit in Brussels where they will address the most recent events in the Ukraine conflict and evaluate the situation with energy pricing and supply security.
(Report by: The Decision Maker - Finance Editors)