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Corporate earnings fail to underpin European stocks

European stocks edged lower on Wednesday in morning deals as concerns over rise in bond yields overshadowed a batch of strong financial results from Kering and Credit Suisse.

Photo: Reuters

The pan-European STOXX 600 index slumped 1% to 379.45.

Frankfurt’s DAX 30 index dropped 1.5% to 12,347.75 and Paris CAC 40 index lost 0.6% to 5,410.40. Spain’s IBEX 35 was down 0.7% at 9,812.50 and the UK’s FTSE 100 slipped 0.7% to 7,375.53.

Statoil ASA fell 2.2%. The company posted a 21% jump in net profit for the first quarter, though results were below expectations.

Shares of Credit Suisse soared 5% at the auction in Zurich. Switzerland's second-largest bank reported a 57 percent increase in first-quarter pre-tax income.

Shares in Lloyds Banking Group slipped 0.4% due to another £90m hit from the payment protection insurance scandal.

Shire lost 0.2%. The Ireland-based company have reached agreement with Japan's over the sale of drugmaker for $64 billion, taking into account Shire's debt.

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