European markets opened lower on Wednesday, mirroring weakness in global equities amid ongoing volatility and a wave of corporate earnings reports.
At 08:15 GMT, Germany’s DAX was down 0.6%, France’s CAC 40 fell 0.4%, and the UK’s FTSE 100 edged 0.2% lower.
Technology Sector Drag
European stocks tracked losses in the U.S. and Asia, where investor caution over elevated valuations in AI and technology shares triggered widespread selling. The tech-heavy NASDAQ Composite lost 2% on Tuesday, while Japan’s Nikkei 225 dropped more than 2% and South Korea’s KOSPI plunged as much as 6% before partially recovering. The selloff intensified after executives from Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) raised doubts about the sustainability of current tech valuations.
Novo Nordisk Announces Major Job Cuts
Earnings season remained in full swing across Europe.
Novo Nordisk (NYSE:NVO), the maker of Wegovy, cut its full-year profit outlook as part of a major restructuring effort aimed at regaining momentum in the increasingly competitive obesity drug market. The Danish pharmaceutical giant said it plans to eliminate roughly 9,000 positions globally to simplify operations and channel more investment toward its core diabetes and obesity franchises.
In the auto sector, BMW (TG:BMW) lifted its third-quarter profit margin after trimming research and development costs for electric vehicles, betting that its next-generation all-electric lineup will drive growth, particularly in China.
German healthcare group Fresenius (BIT:1FME) raised its full-year EBIT guidance following a strong third quarter, supported by solid pharmaceutical sales and sustained performance from its hospital network, Fresenius Helios.
Meanwhile, Siemens Healthineers (BIT:1SHL) cut its fiscal 2026 earnings forecast, citing tariff pressures and currency headwinds, although it still expects revenue to rise 5–6%.
Marks & Spencer (LSE:MKS) posted a steep decline in first-half profit after a cyberattack earlier this year disrupted its online business for several weeks, severely impacting margins.
German Industrial Orders Rebound
Earlier data showed that German industrial orders rose 1.1% in September compared with the previous month, recovering from August’s 0.4% decline. Later in the day, investors will digest eurozone services activity data, though analysts expect little influence on the European Central Bank’s stance, with interest rates likely to remain steady in the coming months.
Oil Prices Stabilize After U.S. Inventory Surge
Crude oil prices steadied after falling sharply in the previous session, as a large build in U.S. inventories renewed concerns about softening demand.
Brent crude futures slipped 0.1% to $64.40 a barrel, while U.S. West Texas Intermediate futures also edged down 0.1% to $60.50.
According to data from the American Petroleum Institute, U.S. oil stocks rose by 6.5 million barrels in the week ending November 1, far exceeding expectations for a 2.4 million-barrel decline. The increase has raised fears of weakening fuel consumption—particularly as the ongoing U.S. government shutdown continues to disrupt air travel nationwide.
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