European stocks decline as investors watch mixed earnings

European stocks fell at the opening today, Thursday, with investors evaluating mixed business results announced by companies in the region, and disappointing financial results from two US giants, Netflix and Tesla, pressured sentiment.

According to “Reuters”, the European Stoxx 600 index fell 0.2% by 0705 GMT.

The shares of Netflix and Tesla, which are listed in Frankfurt, fell 8.2% and 3.7%, respectively, after they announced disappointing business results late on Wednesday evening.

But SABB shares rose 3.2% after the Swedish defense company raised its forecast for organic sales growth.

Volvo shares fell 6.3% after the company reported a 54% drop in operating income for the second quarter, despite anticipating strong demand for its cars.

Electrolux shares fell 10.7% after the largest home appliance maker in Europe turned to a loss in the second quarter.

The technology sector recorded the largest losses among the sub-sectors, with the share of semiconductor company ASML Holding falling 3%, extending its losses after the company announced the financial results yesterday, Wednesday.