European stocks slip on negative earnings, Fed verdict eyed

Dhwani Mehta FXStreet

Having witnessed a mixed closed a day before, the European equity markets pared initial gains and fell into the red territory in response to a slew of poor earnings report, which dampened investors’ sentiment.

On the corporate news front, Commerzbank AG fell 3.7% after a key measure of capital strength fell in Q2. BP Plc slid 2.5% after its quarterly profit plunged 45%, while Orange SA fell 1.2% after posting a decline in French mobile service revenue and quarterly earnings.

Moreover, ongoing weakness surrounding the oil prices combined with increased cautiousness ahead of the FOMC monetary policy outcome, also kept the European stocks under pressure.

Currently, Germany's DAX 30 index now drops -0.35% to 10,165, while the UK's FTSE index trades +0.16 higher at 6,721. Among other European indices, the French CAC 40 index declines -0.66% to 4,358, while the pan-European Euro Stoxx 50 index losses -0.44% to 2,955 points.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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