The STOXX 600 closed 1.3% lower on Wednesday, 30 October 2024, after touching its lowest intraday level since mid-September. Reuters attributed the broad decline chiefly to disappointing company earnings and outlooks, with technology and mining shares among the main drags. The session was not a universal sell-off: several companies rose on stronger results or improved forecasts.
What drove the STOXX 600 lower?
Reuters described a broad European market decline led by technology and mining shares. The technology sector fell more than 2%, as investors reacted to weak forecasts from Belgian semiconductor supplier Melexis and U.S. chipmakers Qorvo and AMD. Those outlooks weighed on sentiment toward the wider technology sector; they are contemporaneous explanations reported by Reuters, not proof that any single announcement caused the index’s full decline.
Capgemini was another prominent earnings-related drag. Its shares fell 6% after the company cut its 2024 revenue forecast for the second time that year. In basic resources, Anglo American fell 4% after BHP’s chairman said BHP had moved on from acquiring the company.
Financial-services stocks also contributed to the weakness. Reuters reported that the sector faced concerns including regulatory uncertainty, outlook and capital questions at UBS, and Amundi’s expectation of a higher tax surcharge.
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How did individual stocks and sectors perform?
| Company or group | Reported move on 30 October 2024 | Context reported by Reuters |
|---|---|---|
| STOXX 600 | Closed down 1.3%; intraday low was the lowest since mid-September | Broad market decline |
| Technology sector | Down more than 2% | Downbeat forecasts from Melexis, Qorvo and AMD weighed on sentiment |
| Capgemini | Down 6% | Cut its 2024 revenue forecast for a second time that year |
| Anglo American | Down 4% | BHP’s chairman said BHP had moved on from acquiring it |
| UBS Group | Down 4.5% | Reuters cited regulatory uncertainty, outlook and capital concerns |
| Amundi | Down 2.5% | Expected a higher tax surcharge; the financial-services index fell 2% |
| Campari | Down 19% | Missed third-quarter earnings expectations |
| ASM International | Up 5.4% | Raised its 2025 forecast range |
| Standard Chartered | Up 4% | Third-quarter profit more than doubled year on year |
| Georg Fischer | Up 16% | Announced a planned sale of its machining-solutions business |
All figures in the table are reported by Reuters for the 30 October 2024 session; they are not independently cross-checked here against exchange data or company releases. The contrast between steep falls and notable gains shows that company-specific results and outlooks mattered alongside the broader market mood.
What was the economic backdrop?
The economic signals reported that day were mixed. Euro-zone output grew faster than expected in the prior quarter. Germany’s third-quarter data showed that Europe’s largest economy had unexpectedly avoided recession, while German inflation in October was higher than expected.
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Those reported figures sat alongside concerns about the outlook: Reuters cited the risk of potentially oversized U.S. tariffs, escalating China trade tensions and muted consumer confidence. These were risks and concerns, not outcomes established by the day’s growth and inflation releases.
Claus Vistesen, chief euro-zone economist at Pantheon Macroeconomics, said of the October data and December rate expectations: “Overall, we see little in these data to support market expectations for a 50-bps rate cut in December… Our forecast remains for a 25-bps cut.” This was his forecast in October 2024 about a possible December 2024 rate decision, not a current forecast.
How to read the one-month-low headline
The phrase refers to the index’s intraday low on 30 October 2024: Reuters said it was the lowest level since mid-September. The 1.3% figure describes where the index finished that session, not the size of the fall from its intraday peak or its total performance over the month. Together, the reported figures capture a sharp down day amid earnings and outlook concerns, rather than establishing a longer-term trend.
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