European Markets React to Earnings and Middle East Turmoil
European markets opened slightly lower as investors focused on corporate earnings and the ongoing turmoil in the Middle East. The pan-European Stoxx 600 index was down 0.13%, with health-care stocks gaining while basic resources declined. Ericsson shares dropped 8.2% after reporting a decline in sales and a significant loss for the third quarter, citing macroeconomic uncertainty. Belgian mining company Umicore saw a 12% jump in its shares after announcing plans to build a new plant in Canada. Swiss drugmaker Lonza fell 10% after cutting its 2024 margin target. In the UK, regular pay growth slowed for the first time since January, signaling a softening labor market.
