European Shares Mostly Lower Amid Earnings Deluge

(RTTNews) - European stocks were broadly lower on Thursday as investors digested a slew of earnings and watched the latest developments in the Middle East war, with a senior Iranian parliament official saying that Tehran has deposited the first revenue from tolls on the strategic Strait of Hormuz into the Central Bank account.

Meanwhile, the Pentagon has reportedly informed the U.S. Congress that clearing mines allegedly positioned by the Iranian military could take up to six months.

In economic news, a survey showed Eurozone business activity unexpectedly slipped into contraction in April as a result of rising energy prices and falling services demand.

Elsewhere, the U.K. budget deficit narrowed in March, reaching its lowest level for the month since 2022, the Office for National Statistics reported.

Public sector net borrowing fell by GBP 1.4 billion to GBP 12.6 billion in March, marking the lowest March borrowing since 2022.

The pan European Stoxx 600 dropped 0.4 percent to 611.33 after falling 0.4 percent on Wednesday.

The German DAX fell 0.6 percent and the U.K.'s FTSE 100 shed 0.8 percent, while France's CAC 40 was up 0.2 percent.

WH Smith shares slumped 10 percent. The British travel retailer issued a profit warning after reporting a sharp fall in first-half profit and suspending dividend due to uncertainty in the Middle East.

Online fashion retailer ASOS climbed 2.3 percent after narrowing its first-half loss and backing its full-year outlook.

J Sainsbury plunged 5.2 percent after the grocer warned that profits could fall this year.

Automakers BMW, Mercedes Benz and Volkswagen were moving lower despite Europe's new car registrations logging strong growth in March.

France's Renault advanced 1.5 percent after Q1 sales beat forecasts.

Aerospace and defense group Safran gained 1 percent after first-quarter revenue came in above expectations.

Telecommunications company Orange rallied 4 percent after lifting a key earnings metric for the full year.

Drugmaker Sanofi gained 3.5 percent after reporting better-than-expected revenue and operating income for the first quarter.

German life sciences group Sartorius plummeted almost 5 percent after reporting a fall in Q1 underlying net profit.

Nestle shares soared 7 percent. The Swiss foodmaker surpassed Q1 expectations, supported by increased demand for its coffee and pet food products.

Finnish telecom gear maker Nokia jumped more than 9 percent after quarterly profit soared 54 percent, driven by skyrocketing demand for its artificial intelligence business.

Dutch brewer Heineken fell 2.3 percent after beer volumes fell again in the first quarter.

Apple supplier STMicroelectronics gained 8.5 percent after Q1 revenue beat estimates.