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European stocks witnessed a downturn on Thursday, weighed down by disappointing earnings from some of the continent's major corporations. The Eurozone's STOXX 50 index declined by 0.7%, settling at 5,892, while the broader pan-European STOXX 600 slipped by 0.2%, landing at 607. A significant downturn was observed in SAP, which plummeted by 16%—its most significant single-day decline since 2020—following fourth-quarter results that failed to meet expectations for cloud revenue. Further concerns arose from a cautionary note indicating potential deceleration in cloud backlog growth this year. Similarly, in the technology sector, Nokia saw a decline exceeding 3% post-results, and Infineon fell nearly 4%, impacted by weak momentum in AI infrastructure. In contrast, ABB experienced a notable surge, climbing 8.5% after reporting robust results. Beyond the Eurozone, Roche gained 2.7% following a 5% increase in earnings, though the appreciation of the Swiss franc slightly tempered the impact on sales growth. Meanwhile, Sanofi remained relatively unchanged despite falling short of revenue expectations.
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