European stocks close lower as traders track earnings and the Middle East
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European markets dropped on Wednesday as traders monitored corporate earnings, developments in the Middle East, and key inflation data.
The pan-European Stoxx 600 index closed 1% lower, with mining stocks shedding 2.7% to lead losses while oil and gas nudged 0.25% higher.
Shares of European semiconductor manufacturers were broadly lower after a disappointing earnings report from Dutch chipmaker ASML, which posted lower-than-expected orders and warned of flat sales in 2024.
Earnings season is gathering steam in Europe, with SAP, Volvo, Deutsche Boerse and ABB among those reporting Wednesday.
Asia-Pacific markets clawed back some lost ground throughout the trading session, after fresh data showed stronger-than-expected economic growth out of China for the third quarter.
Stocks stateside were lower in morning trade on Wednesday, coming off a muted previous session as Wall Street assessed a host of major earnings reports alongside the bumper September retail sales figure. Morgan Stanley, Netflix and Tesla are the biggest names reporting Wednesday.
Economic data was also in focus early in the session as traders digested inflation data from the U.K. and the euro zone.
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