European stocks posted slight losses on Wednesday as investors appeared to take inspiration from a weak start to the session in the United States amid the latest round of corporate results.
The pan-European Stoxx 600 index was down 0.43% at 505.61 in late trading.
The German Dax meanwhile fell 0.27% to 18,088.70, alongside an identical fall in the FTSE Mib to 34,217.12.
Cautious remarks from the president of the German central bank also weighed on investor confidence.
Joachim Nagel, president of Germany’s Bundesbank, said he would support a rate cut in June if upcoming economic data reinforces the ECB’s confidence that inflation will quickly return to the 2% target.
“I am not yet fully convinced that inflation will actually return to its target in a timely and sustainable manner,” he told a news conference. DZ Bank Capital Markets Conference.
The American technology giant was due to release its first quarter results on Wednesday evening, followed by Microsoft the next day, while key US price data would be released on Friday.
In stock news, Evotec shares fell 34% to a six-year low after the company said demand and the economic climate would only improve by the end of 2024.
Kering shares fell 7% as the luxury goods company forecast a 40-45% drop in first-half operating profit.
Elsewhere, computer chip supplier ASMI gained by raising its second-quarter revenue forecast, citing stronger-than-expected Chinese demand and higher sales in advanced logic and memory.
Volvo cars ended flat despite the Swedish automaker posting a rise in adjusted operating profit, helped by lower material costs and higher volumes.
All funds plunged 11% following reports that the fund distribution company had abandoned discussions about a potential sale.
