European stocks slip as mixed earnings offset M&A cheer

By Thomson Reuters Apr 25, 2024 | 3:03 AM

(Reuters) – European stocks slipped on Thursday following mixed earnings from blue-chip companies such as Nestle and Deutsche Bank, while big M&A news in the mining sector powered Britain’s FTSE 100 to fresh highs.

The pan-European STOXX 600 index dipped 0.24% by 0745 GMT, hurt by losses in food and beverage and industrial good sectors.

Tech stocks came under pressure after an underwhelming revenue outlook from U.S. social media giant Meta Platforms overnight.

STMicroelectronics dropped 2.9% after the chipmaker lowered its full-year sales guidance. Dutch chipmaking parts supplier BE Semiconductor also dropped nearly 3% after it missed first-quarter order expectations.

Nestle dropped 4% after the world’s biggest packaged food company missed first-quarter organic sales growth estimates.

Deutsche Bank slipped 0.7% while BNP Paribas edged up after the euro zone’s biggest lenders posted upbeat first-quarter profits.

Britain’s FTSE 100 touched a record high as miner Anglo American surged on a buyout offer from BHP Group. [.L]

Spain’s main index rose 0.1% after the country’s Prime Minister Pedro Sanchez said he would briefly step back from public duties to decide if he wants to continue leading the government after a court launched a business corruption probe into his wife’s private dealings.

(Reporting by Johann M Cherian in Bengaluru; Editing by Mrigank Dhaniwala)