European shares slip on mixed earnings, energy stocks drag

European shares slip on mixed earnings, energy stocks drag

(Reuters) – European shares slipped on Wednesday as investors digested a slew of mixed earnings reports from the region, while weakness in energy firms on lower crude prices added to the declines.

The pan-European Stoxx 600 index was down 0.1% by 0711 GMT.

French luxury group Kering fell 4% after reporting a bigger-than-expected drop in third-quarter sales.

Investors also digested earnings reports from megacap tech firms in the United States.

Frankfurt-listed shares of Alphabet fell 6.5% after the Google owner’s cloud revenue missed estimates, while Microsoft rose 3% after quarterly sales beat estimates.

Among other banks reporting earnings, shares of Deutsche Bank rose 5% after the lender’s third-quarter revenue beat expectations.

Swedish bank SEB fell 2% even after Q3 operating profit beat expectations.

Energy stocks slipped 0.4% as crude prices dipped on concerns about slowing European demand.

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