European shares dips on earnings, Fed news
European shares started on a subdued note as investors on Thursday, returning from a mid-week holiday, grappled with a host of significant earnings and indications from the Federal Reserve of a delay in interest rate cuts.
The pan-European STOXX 600 index fell by 0.2 per cent by 07:15 GMT, marking its first monthly decline this year in April.
Investors resumed trading after Wednesday’s Labour Day holiday, a day when the Fed indicated that rates would remain high for an extended period due to recent disappointing inflation figures.
Energy stocks saw a 1.7 per cent drop, with Vestas, the world’s largest wind turbine maker, losing 4.2 per cent following an unexpected loss in the first quarter.
Novo Nordisk raised its outlook for 2024 and reported a better-than-expected profit for the first quarter. However, the stock fell 2.4 per cent after initial gains were wiped out.
ING Groep in the Netherlands recorded a 5.4 per cent jump following a share buyback of 2.5 billion euros ($2.68 billion) and a robust performance in the first quarter. Standard Chartered in Britain rose by 5 per cent following a beat in first-quarter profit, leading the bank index to top the list of sectoral gainers.
