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U.S. stocks, futures drop with earnings, rates in focus - BNN Bloomberg

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European stocks and U.S. equity futures dropped following mixed corporate earnings and as investors studied the latest assessment on the U.S. economy for clues on the path for interest rates.

Autos led declines in the Stoxx Europe 600 index as Renault SA fell the most in almost five months, with concerns over pricing pressure outweighing the French carmaker's first-quarter sales beat. Germany's DAX underperformed as other auto- and partsmakers fell. L'Oreal SA gained after the cosmetics maker reported strong demand. Contracts for the Nasdaq 100 retreated by more than one per cent. A region-wide index of Asian stocks edged lower.

Elsewhere on the monetary policy front, European Central Bank Governing Council member Klaas Knot said the ECB may need to follow a widely expected hike next month by raising rates in June and July. “It's too early to talk about a pause,” the Dutch central bank chief told the Irish Times newspaper in an interview published Thursday. “For a pause, I would really need to see a convincing reversal in underlying-inflation dynamics.

In Asia, Taiwan Semiconductor Manufacturing Co. forecast worse-than-anticipated revenue for the current quarter, reflecting a persistent slump in demand for everything from smartphones to server chips. Apple Inc.'s most important chipmaker warned that demand from the mobile and PC industries would remain “soft” for now.

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