European equity markets retreated on Tuesday, pressured by fading expectations of a near-term Federal Reserve rate cut and renewed doubts about the strength of the U.S. economy.
With financial risks building, traders remained cautious ahead of the long-delayed September U.S. jobs report and highly anticipated earnings from Nvidia (NASDAQ:NVDA), both seen as key catalysts for market direction.
The weakness was broad across the region. London’s FTSE 100 slipped 1.3%, while the CAC 40 in Paris and Frankfurt’s DAX each declined 1.5%.
Corporate news added to the mixed sentiment. Shares of Danish drugmaker Novo Nordisk (NYSE:NOV) dropped following its decision to reduce U.S. pricing for its Wegovy weight-loss injection.
Swiss industrial group ABB (BIT:1ABB) also traded sharply lower even after raising its profitability outlook, suggesting investors were hoping for more aggressive guidance.
French bank Crédit Agricole (EU:ACA) came under pressure as it unveiled its new medium-term strategy, ACT 2028.
Specialist engineering firm Bodycote (LSE:BOY) fell after introducing a revamped divisional reporting structure.
On the upside, Roche Holding (BIT:1RO) rallied after releasing positive Phase III results from its lidERA trial evaluating the oral SERD giredestrant in ER-positive, HER2-negative early breast cancer.
Imperial Brands (LSE:IMB) also advanced, supported by a nearly 5% rise in full-year adjusted operating profit.
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