FX.co ★ European Stocks Slip from Records

On Thursday, European stocks retreated from their peak levels, with both the Stoxx 50 and Stoxx 600 indices witnessing a decrease of approximately 0.4%. European banking stocks declined by over 1%, primarily due to HSBC's 4.5% share drop following its privatization bid for its 63%-owned Hong Kong subsidiary, Hang Seng Bank. The luxury and consumer goods sectors also experienced setbacks: Ferrari plunged 15% after revising its full-year and 2030 projections downward and adjusting its EV sales targets, while LVMH, Hermès, and L’Oréal saw declines of 2.6%, 2.2%, and 1.7%, respectively. Novo Nordisk fell 1.1% after it unveiled plans to acquire US biotech company Akero Therapeutics at $54 per share, valuing the deal at $4.7 billion, alongside a potential contingent value right of $6 per share. The day's attention was directed towards France, where President Macron committed to appointing a new prime minister within 48 hours following Sebastien Lecornu’s resignation, amid appeals to steer clear of another centrist ally appointment.