European stocks open lower; Deutsche Bank surges 7%

On Wednesday, European markets saw a decline at the opening bell, influenced by a slew of earnings reports from both sides of the Atlantic.

The Stoxx 600 index recorded a 0.2% fall, with a varied performance across sectors – mining stocks went up by 0.67%, whereas retail stocks experienced a 0.7% drop.

A standout performer in the early trading hours was Deutsche Bank, whose shares surged by 7%.

The largest lender in Germany unveiled a third-quarter net profit of €1.031 billion ($1.06 billion), marginally surpassing the market expectations.

This came despite an 8% year-on-year decline and ongoing challenges faced by the lender’s investment division.

In contrast, banking stocks took a hit on Tuesday following Barclays’ announcement of impending cost-cutting charges.

Other notable earnings reports include those from Heineken, AkzoNobel, Lloyds Banking Group and Carrefour.

In the US, Microsoft’s shares saw an uptick after the announcement of its first fiscal quarter results, exceeding expectations. However, Alphabet’s shares took a downturn as its cloud business failed to meet the analysts’ projections.

The previous day, European markets had broken a five-session losing streak, with traders reflecting on the latest business activity data from the eurozone.

© 2023 funds europe

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