European stocks decline after weak results ‎

European stocks fell on Thursday due to a rise in US Treasury yields and a series of weak earnings reports, before the European Central Bank announced its decision on monetary policy later on Thursday.

According to “Reuters”, by 0707 GMT, the European Stoxx 600 index fell 1.1% in the wake of Wall Street’s decline on Wednesday, with long-term bond yields approaching the five percent level amid fears that US interest rates will continue to rise for a longer period.

It is also widely expected that the European Central Bank will hold interest rates at a record high of 4% by 1215 GMT, in light of faltering economic activity in the euro zone.

Investors are also watching earnings reports, with the shares of German chip systems manufacturer Extron falling 5.8% after third-quarter orders missed expectations.

Standard Chartered shares fell 12.8 percent as pre-tax profits fell 33 percent in the third quarter, and Halffresh shares fell 9 percent after quarterly profits fell below expectations.

Shares of car manufacturing companies fell 2.9%, recording the largest losses on Thursday, with the shares of luxury car manufacturer Mercedes-Benz falling 5.5% after a decline in third-quarter profits.