European stocks opened unchanged, with ASML and LVMH quarterly reports in the spotlight

European stock markets were little changed on Wednesday, near more than a month lows, with the focus on quarterly earnings reports from majors such as ASML, LVMH and Adidas, while investors eyed developments in the Middle East.

The continental STOXX 600 index was unchanged at 0717 GMT after recording its worst day in nine months in the previous session amid concerns over escalating geopolitical tensions.

The results of the first quarter will help assess the state of European companies in conditions of high interest rates. Total revenue is expected to be down 12.1% from a year earlier, according to LSEG data.

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Among the most bullish stocks, ASML fell 4.8%, leading the technology sector down 1.8% after the Dutch company reported weaker-than-expected first-quarter results.

On the other hand, LVMH rose 2% and helped limit the benchmark’s losses after quarterly sales at the world’s biggest luxury goods group rose 3%, offering some reassurance to investors worried about the market outlook, especially in China.

Adidas rose 5.4% after the German sportswear giant upgraded its outlook for 2024 after posting preliminary first-quarter results that beat expectations.

With information from Reuters

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