STOXX 600 drops on tepid earnings, set for worst month in a year

(Reuters) - Europe's benchmark index opened lower on Thursday, and was set to record its worst monthly performance in a year, while moves were mainly powered by a mixed bag of earnings.

The pan-European STOXX 600 dropped 0.6% by 0812 GMT, falling to its lowest level in nearly two months.

The index is down 2.72% on the month, poised to drop for a second straight month and to log its worst monthly performance since October 2023. Its previous steepest monthly drop in that period was a 1.5% decline in April.

Technology stocks dropped 1.1% on the day and were the biggest drag on the benchmark.

Overnight, results from Meta (NASDAQ:META ) and Microsoft (NASDAQ:MSFT ) showed Big Tech is stepping up AI investments but the lack of quick and big returns has worried investors. [.N]

In earnings-driven moves, TotalEnergies (EPA:TTEF ) lost 1.7% after the French oil major's third-quarter adjusted net income hit a three-year low.

BNP Paribas (OTC:BNPQY ) tumbled 6.5% after the lender reported its third-quarter results.

Anheuser-Busch InBev lost 3% after the Budweiser maker missed estimates for third-quarter profit, revenue and sales volume.

Shell (LON:SHEL ) gained 1.1% after the energy giant's quarterly profit of $6 bln beat forecasts.

Airbus rose 2.9% after the planemaker picked a successor for its jetmaking arm, while the CEO stays on.



On the data-front, Euro zone's flash and Italy's preliminary CPI figures are due at 1000 GMT.

French preliminary inflation was at 1.5% in October, while German retail sales unexpectedly rose in September.

Source: Investing.com