European stocks traded lower Wednesday, adding to the global selloff in another busy day for corporate earnings.
At 03:15 ET (08:15 GMT), the DAX index in Germany slipped 0.6%, the CAC 40 in France dropped 0.4% and the FTSE 100 in the U.K. fell 0.2%.
Tech-related weakness weighs The weakness in Europe follows a similar picture in the U.S. and in Asia overnight, as investors appeared increasingly concerned about the lofty valuations of AI-related stocks and tech companies.
The tech-heavy NASDAQ Composite closed 2% on Wall Street on Tuesday, and this selling continued in Asia, with Japan’s Nikkei 225 tumbling over 2% and South Korea’s KOSPI slumping as much as 6% at one point before recovering, as many high-flying tech sector stocks retreated.
These concerns came to the fore after the leaders of U.S. banking giants Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) questioned whether sky-high valuations can be sustained.
Novo Nordisk announces job cuts It’s another busy day for quarterly earnings in Europe.
Wegovy-maker Novo Nordisk (CSE:NOVOb) lowered its full-year profit forecast on Wednesday amid a deep restructuring drive to claw back lost ground in a fierce obesity drug market battle.
The Danish drugmaker also said it will cut about 9,000 jobs worldwide, as part of a move intended to simplify operations and redirect spending toward its diabetes and obesity business.
German carmaker BMW (ETR:BMWG) boosted its core profit margin in the third quarter after further cuts to research and development spending on electric vehicles, while banking on its new all-electric series to boost growth amid stiff competition in China.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Fresenius (ETR:FREG) raised its full-year EBIT growth guidance after the German healthcare group reported higher third-quarter earnings, supported by strong performance at its pharmaceutical business and continued solid results from hospital operator Fresenius Helios.
Siemens Healthineers (ETR:SHLG) cut its earnings forecast for fiscal 2026, with tariffs and currency effects set to weigh on the German medical technology group’s profit despite expected revenue growth of 5% to 6%.
Marks & Spencer (LON:MKS) reported a sharp drop in first-half profit after a major cyberattack earlier this year disrupted the British retailer’s online operations for weeks and weighed heavily on margins.
German industrial orders rose in September Data released earlier Wednesday showed that German industrial orders rose in September, increasing by 1.1% on the previous month, a recovery after dropping 0.4% the prior month.
There is service activity data for the eurozone to digest later in the session, but these numbers are unlikely to have much impact on European Central Bank policymakers as interest rate levels appear set in stone for some time to come.
The ECB held rates unchanged at its meeting last week, and is widely expected to maintain rates at its final gathering in December.
Crude stabilizes after U.S. demand-inspired losses Oil prices stabilized Wednesday after the previous session’s weakness as a large build in U.S. inventories sparked fears of sluggish demand.
Brent futures dropped 0.1% to $64.40 a barrel, having touched a near two-week low in the prior session, and U.S. West Texas Intermediate crude futures fell 0.1% to $60.50 a barrel.
