Corporate Earnings Weigh on European Stocks

By Investors Hub

European stocks are broadly lower on Wednesday after Wall Street stocks sold off overnight on concerns over rising bond yields. Corporate earnings also proved to be a mixed bag, weighing on investor sentiment.

While the German DAX Index has slumped by 1.3 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are down by 0.7 percent and 0.6 percent, respectively.

Swiss specialty chemicals company Clariant has fallen sharply after posting stagnant profit margins for the first quarter.

Germany’s Deutsche Boerse has also dropped after announcing personal and structural changes to its executive board.

Meanwhile, Credit Suisse shares have jumped percent after the Swiss investment bank posted its strongest quarterly earnings in three years, underpinned by strong growth in its wealth management division.

STMicroelectronics has also rallied after its first quarter profits more than doubled, driven by sales growth across all product groups.

Kering has also soared after the luxury goods company reported ?spectacular growth? by Gucci in its first quarter results.