PARIS (Reuters) – The main European stock markets are changing slightly on Thursday morning after the first disappointing results from the American new technology giants, while publications in Europe are mixed.

In Paris, the CAC 40 gained 0.27% to 7,346.94 points around 07:55 GMT. In London, the FTSE 100 rose 0.56% and in Frankfurt, the Dax gained 0.08%.

The EuroStoxx 50 index takes 0.15%, the FTSEurofirst 300 nibbles 0.08% and the Stoxx 600 advances by 0.11%.

Futures contracts on Wall Street foreshadow stagnation for the Dow Jones, a drop of 0.16% for the Standard & Poor’s 500 and 0.7% for the Nasdaq the day after a slightly higher session driven by the banking sector, whose index took 1.70%, its third consecutive session of gains and the eighth in nine days.

The trend in Europe is hesitant, with stock market indices sailing slightly in the red or green since the opening, affected in particular by the decline in technology stocks and groups of semiconductors in the wake of the decline in the sector on Wall Street and the Tokyo Stock Exchange.

IBM and Netflix on Wednesday night reported respective quarterly revenue below expectations, while Tesla’s quarterly gross margin fell to a four-year low. In off-hour trading in New York, shares of these three groups are falling. In Frankfurt, Netflix plunged 8.2% and Tesla 3.7%.

In Paris, STMicroelectronics (-1.84%) shows the largest drop in the CAC 40 after the announcement Thursday of the forecasts of the Taiwanese manufacturer of chips TSMC, which anticipates a drop of 10% in its sales this year after a decline of 23% of its profit in the second quarter.

Soitec, BE Semiconductor Industries, ASML and ASM International lost 2.50% to 5.6%.

The European “tech” index drops 2.48%, the biggest drop in the Stoxx 600.

In other sectors, Publicis, at the head of the CAC 40, gained 3.55% after Thursday’s increase in its annual forecasts, the day after Omnicom’s tumble, following the drop in its turnover in the second quarter.

Electrolux, Europe’s largest home appliance maker, fell 12.54% on a net loss in the second quarter amid weaker demand. Also in Stockholm, the Swedish groups Volvo Cars (-3.52%) and Saab (+3.19%) are experiencing mixed fortunes after their publications.

In London, easyJet fell 1.92% despite a strong quarterly profit, while in Zurich, fragrance and flavor maker Givaudan lost 1.14% after missing the sales consensus in the first half.

(Written by Claude Chendjou, edited by Kate Entringer)

Copyright © 2023 Thomson Reuters