European stock markets closed lower on Friday (October 30), with the Euro Stoxx 50 falling by more than 1% and the Stoxx 600 correcting by approximately 0.5%. Markets in Germany, Italy, and Spain each declined by about 1%, while the pressure in France was more contained, and the FTSE 100 remained relatively stagnant.
The technology sector served as the primary drag, hit by a fresh wave of selling. The technology index fell nearly 3%, with ASML dropping by approximately 6%, while Infineon and STMicroelectronics declined by more than 6% and 5%, respectively. Concerns regarding the outlook for AI investments resurfaced after several companies’ financial results failed to meet expectations.
Pressure was also evident in the banking and basic resources sectors. NatWest shares plunged 9% after the company’s performance results failed to prompt an upward revision of its outlook, while Crédit Agricole fell by more than 2%. Conversely, AstraZeneca provided support to the market, climbing over 7% after reporting stronger-than-expected performance.
The FTSE 100 remained relatively more stable, bolstered by positive performance in the healthcare and energy sectors. AstraZeneca rose by about 7%, GSK gained approximately 2%, and both BP and Shell saw gains following solid performance reports. However, mining stocks weakened due to a decline in metal prices, with Endeavour and Fresnillo both falling by more than 5%.
Despite the decline at the close, European markets ended the week in positive territory. The Stoxx 50 rose by about 1% and the Stoxx 600 gained 2.1% for the week, while the FTSE 100 added 0.4%. For the month of October, the Stoxx 50 recorded a 2.2% decline, whereas the Stoxx 600 posted a 1.9% gain and the FTSE 100 surged 12%.