FX.co ★ European Stocks Close Mixed

European stocks experienced a mixed performance on Wednesday, maintaining a slight retreat from the record highs reached on Monday. This reflects a varied outlook on the European economy, shaped by divergent corporate earnings. The STOXX 50 ended the day steady at 5,702, while the STOXX 600 dipped slightly by 0.1% to 575. Gains were led by the banking sector, highlighted by Santander's impressive 4% rise following a record-breaking profit over nine months. Deutsche Bank also climbed 5%, driven by robust results from its investment banking division. Anticipated to report later this week are BBVA, Intesa Sanpaolo, and Credit Agricole. Meanwhile, Mercedes Benz saw a 4.3% increase, with its luxury segment bolstering profit margins despite reduced revenue from China. GSK enjoyed a 6.6% surge due to strong sales of its HIV and cancer medications. Conversely, Nokia fell by 3%, cutting back on the 20% gain from the previous day as investors continued to assess the implications of Nvidia's $1 billion stake acquisition. In the backdrop, the Federal Reserve is expected to announce a rate cut and provide updates on concluding quantitative tightening, with the European Central Bank's rate decision slated for tomorrow.