(Bloomberg) — European stocks were steady as investors tackled a busy slate of results and awaited key interest-rate decisions in the region. AP Moller-Maersk A/S slumped after weak earnings.
The Stoxx Europe 600 Index was little changed by 8:27 am in London. The technology and financial services sectors fared best, while autos and real estate were the biggest laggards. Miners fell after a sharp drop in silver prices.
Maersk plunged as much as 8.1% after the Danish container giant said it will focus on cost discipline as it faces deteriorating freight rates from the re-opening of the Red Sea. Rheinmetall AG dropped after its call with analysts led to expectations of downgrades to consensus estimates.
KGHM Polska Miedz SA led the decline in basic resources stocks. Meanwhile, the drop in silver prices was a boost for Pandora A/S as it offset a pause in buybacks following a forecast of slowing sales this year. Shell Plc dropped after its profit missed expectations.
It’s a big day for monetary policy in the region. The European Central Bank is expected to hold rates steady for a fifth meeting as a robust economy has so far defied global tensions and a strong euro. The Bank of England is also predicted to hold, despite mounting concerns about the UK labor market.
The Stoxx 600 has touched record highs this week on the prospect of resilient economic growth, with the benchmark hovering just below overbought territory. Meanwhile, a selloff in software stocks has rattled investors concerned about the impact of AI disruption, sparked by Anthropic PBC’s Claude Cowork tool. That’s playing out during a mixed earnings season, and as investors digest the nomination of a new Federal Reserve chair.
“Europe has been unloved for so long with the exception of 2025, but I don’t think that even the ‘Claude selloff’ will drive a more meaningful rotation considering the Fed appointment turned out better than expected and tariff fears are nearly out of the way,” said Andrea Gabellone, head of global equities at KBC Securities.
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