European Stocks Plunge as Profits Soften Opinion – Europe Market Wrap

European equities fell Thursday following a string of poor earnings from automakers and Société Generale, wiping out much of the previous session’s tech-driven gains.

The Stoxx 600 index fell 0.4% after BMW’s earnings stagnated and German rival Volkswagen’s margins shrank, owing to sluggish demand in China. A disappointing performance in Société Generale’s retail unit caused the stock to fall 7%, pulling down European peers such as HSBC Holdings Pic and UniCredit.

The risk-off atmosphere in Europe did not dampen the outlook for US shares after the previous session’s strong gain. S&P 500 and Nasdaq 100 futures contract indices increased 0.3% and 0.4%, respectively, on the back of dovish Fed indications and a sales beat by Meta.

In currencies, the Dollar climbed 0.3% against a basket of currencies after having its worst day since May on Wednesday. The Yen shed early gains and traded little changed.