European Shares Retreat Amid Tech Selloff
(RTTNews) - European stocks edged lower on Tuesday as Apple delivered a mixed earnings report and oil prices rebounded to around $107 a barrel after a reported U.S. attack on Qeshm Island on the eve of crucial midterm elections.
iPhone maker Apple posted increased quarterly revenue and profits but forecast slightly below-consensus gross margin for the current quarter, citing mounting headwinds from rising component prices.
The pan-European STOXX 600 fell 0.8 percent to 644.44 after rising 0.4 percent on Monday.
The German DAX lost 1.1 percent, France's CAC 40 shed 0.7 percent and the U.K.'s FTSE 100 was down half a percent.
Tech stocks were broadly lower, with Aixtron, ASM International, ASML, Infineon Technologies and STMicroelectronics falling 1-3 percent.
German pharmaceuticals and agriculture group Bayer soared 5.5 percent after delivering stronger-than-expected third-quarter sales and lifting its 2026 profit outlook.
Auto supplier Schaeffler dropped 1.2 percent. After reporting a slight decline in third-quarter revenue and operating profit, the company said it would cut 3460 jobs and close five sites in Europe.
TeamViewer nosedived 24 percent after the software maker cut its 2026 revenue growth forecast.
Online fashion retailer Zalando plummeted 5.3 percent after reporting weaker gross margins in the third quarter.
Airline group Deutsche Lufthansa rallied 2.7 percent after reporting an increase in third-quarter net profit.
Shares of Associated British Foods tumbled 3 percent in London. The owner of Primark forecast another profit decline this year after reporting a 14 percent fall in 2025/26.
Seiss specialty chemicals maker Clariant declined 3.1 percent after Q3 core profit fell short of expectations.
Philips jumped 3 percent. The Dutch healthcare technology manufacturer beat market expectations for third-quarter core earnings.
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