European Shares Decline Ahead Of Key GDP Data

(RTTNews) - European stocks traded lower on Wednesday as investors assessed a batch of mixed earnings and awaited regional growth data as well as the U.K. government's budget for direction.

U.K. Chancellor of the Exchequer will present her Autumn Budget 2024 to Parliament at 8.30 am ET.

The pan European STOXX 600 dropped 0.7 percent to 514.17 after falling 0.6 percent on Tuesday.

The German DAX dipped half a percent, France's CAC 40 lost 1.1 percent and the U.K.'s FTSE 100 was down 0.4 percent.

UBS gained 1.3 percent. The Swiss banking giant reported a significant uptick in its third-quarter performance, driven by cost-cutting and robust loan income.

Bearings maker SKF surged 5.2 percent after selling its Hanover, Pennsylvania ring and seal operation, via subsidiary PCTI, to Carco PRP for 2.3 billion Swedish crowns ($215.98 million).

GSK shares tumbled 3.4 percent in London. The pharmaceutical company swung into a loss in the third quarter and lowered its 2024 vaccine sales forecast.

Standard Chartered rallied 3 percent. The lender upgraded its 2024 income guidance after profits in the third quarter beat market estimates.

Miner Glencore added 1.7 percent as it maintained production forecast for the current year.

Retail bellwether Next gained 1.6 percent after raising outlook for third time in three months.

Luxury stocks fell, with LVMH, Kering and Hermes falling 1-3 percent in Paris on concerns about demand growth in China.

Energy-management and automation group Schneider Electric rose about 1 percent after third-quarter revenue rose to record levels.

Capgemini plunged 7.6 percent as the IT consulting group cut its 2024 revenue target for the second time this year.

German automaker Volkswagen rallied 2 percent after backing its annual sales guidance.

Daimler Truck Holding fell 1.3 percent after an announcement that it is writing off some of its receivables in China.