European stock markets drop back after weak company earnings

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Technology stocks and luxury shares among those in decline, but FTSE 100 in London reaches fresh record high

Traders work on the floor of the New York Stock Exchange. Wall Street tocks slumped on Thursday as most mega-caps fell after Meta’s quarterly results, while sentiment was shaken amid signs of persistent inflation that dampened hopes of the Federal Reserve easing monetary policy anytime soon. Photograph: Timothy A. Clary/AFP

Otherwise there were few big movers. Bank of Ireland was the main climber, advancing 0.8 per cent to €10.36. Packaging group Smurfit Kappa dropped 0.5 per cent to €39.83, while building materials group Kingspan edged down 0.2 per cent to €82.50.Technology developed in Cork allows wedding photos to be shared digitally with the happy couple

The blue-chip FTSE 100 ended the session up 0.5 per cent, after hitting a fresh all-time high of 8,105.59 points earlier in the day. The pharma and biotech index was the top sectoral performer, rising 3.9 per cent, led by a 5.9 per cent jump in AstraZeneca shares after the drugmaker reported quarterly revenue and profit above market estimates.

The mid-cap FTSE 250 fell 0.6 per cent, with WH Smith sliding 6 per cent after the British high street and travel hub retailer flagged lower growth at start of the second half.The pan-European Stoxx 600 index closed 0.7 per cent lower, after shedding as much as 1.3 per cent intraday, in line with a global stocks rout.

 

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