LIVE MARKETS-Lots of reasons to sell European stocks on Thursday

By Reuters News

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LOTS OF REASONS TO SELL EUROPEAN STOCKS ON THURSDAY

European stocks have had a bruising first hour on Thursday with traders across the world dumping risky assets like stocks while hunting down parts of the market that might offer some short term safety.

The STOXX 600 is down 1% .STOXX and the Euro STOXX 50 index of euro zone blue chips .STOXX50E is down 1.6%, hurt by falls in heavyweight tech, banks and luxury names.

A raft of earnings were also in the mix, and, in aggregate, not helping. Perhaps the stand out was Hermes HRMS.PA down 5.5% after posting weaker than expected third-quarter revenue due to weak demand in China.

That weighed on luxury, .STXLUXP down 1.5% while European banks, off 2.3% continued to struggle hurt by volatility in the euro zone bond market. .SX7P

The latest moves in bond markets saw France's 10-year yield rising about the 10 year-US Treasury yield for the first time since 2013, with Treasuries seeing a safe haven bid.

The tech sell off was global, with US chip stocks falling in pre-market trade, and bringing Europe with them. European tech is down 2.1%. .SX8P

A further 2.5-3% rise in benchmark oil and gas prices are not helping the mood either. O/R NG/EU

If you're looking for some more positive news, LSEG LSEG.L shares rose 4% after its results.

Earnings from SAP, SAPG.DE Europe's largest tech company, and Roche ROPC.S weren't enough to keep either's shares in positive territory.


(Alun John)

EARLIER LIVE MARKETS POSTS

BEFORE THE BELL: LOTS OF COMPANIES REPORTING INTO A SHAKY MARKET CLICK HERE

MORNING BID FRANCE'S DEBT STRAINS, AI IN FOCUS CLICK HERE

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