FX.co ★ European Stocks Close Sharply Lower

European markets ended significantly lower on Thursday, reversing the brief gains seen the previous day. Investors are currently digesting a new wave of varied corporate earnings alongside indications of rising unemployment in the United States. The STOXX 50 index decreased by 1% to 5,613, whilst the STOXX 600 declined by 0.7%, closing at 567. Shares in Commerzbank fell by 2% following the bank's unexpected 7.9% decrease in net profit year-on-year. Diageo's stock dropped 6.5% subsequent to a downgrade in its annual forecast. Despite reporting optimistic results, Maersk saw its shares fall by 5.1%, and Rheinmetall's shares went down by 0.5% even after a 20% rise in sales. Conversely, DHL experienced a 5.4% increase, ranking among the top gainers, due to earnings growth despite ongoing trade disputes. AstraZeneca's shares rose 2.9% following the announcement of record quarterly revenues and reaffirmation of its yearly forecast. Additionally, Sainsbury’s shares increased by 1.4% after the company raised its outlook.