European stocks down on risk aversion due to poor corporate ‎results

European stocks fell about 1% today, Thursday, as risk aversion was exacerbated by poor results for companies, including the food company Nestlé, as a result of tension resulting from the war in the Middle East and uncertainty about interest rates.

By 0705 GMT, the European STOXX 600 index fell 0.8%, reaching its lowest level in more than a week.

Geopolitical tensions continued to escalate with anti-Israel protests erupting across the Middle East, while US Treasury yields jumped to their highest levels in several years ahead of a speech by Federal Reserve Chairman Jerome Powell later on Thursday. .

Nestlé shares fell nearly 2 percent after the giant Swiss company announced on Thursday that it had recorded a lower-than-expected growth in sales during nine months, as the rise in product prices led to shoppers being reluctant to buy.

French automaker Renault’s shares fell 4.6% as the pace of sales growth slowed due to the decline in the value of the currency.

Nokia shares fell 1.8% after the Finnish communications equipment company announced plans to cut jobs after recording a decline in third-quarter sales.

Tesla shares, listed on the Frankfurt Stock Exchange, fell 5.1% after the electric car maker failed to meet gross profit margin expectations for the third quarter, while Netflix shares jumped 12.5% after it exceeded estimates regarding new subscribers.