(Repetition)
DOW JONES–The European stock markets fell on Tuesday. The DAX in particular came under significant pressure, losing 0.8 percent to 23,949 points. The Euro-Stoxx-50 came away with a loss of 0.3 percent to 5,660 points. Europe thus followed the weak templates of the stock exchanges in Seoul and Tokyo. “The large AI companies’ hunger for liquidity is gigantic, hundreds of billions are to be invested,” said a trader. The liquidity situation on the US money market is already slightly strained. At least Europe closed well above the daily lows, also because the losses on the US stock exchanges were primarily concentrated in the technology sector. There, among other things, Palantir’s shares fell significantly after a disappointing outlook. In Europe, Telefonica came under heavy pressure.
Investors in Europe made their investments much more defensive. While most industry indices were in the red, the sector indices for food manufacturers, real estate stocks, pharmaceutical companies and utilities were in the black. On the other hand, the index of raw material-related basic resources fell by 2.2 percent, the index of oil stocks fell by 0.5 percent. But retail stocks were also significantly in the red.
The telecommunications sector index fell 1.7 percent, weighed down by Telefonica, which fell 13.1 percent. Investors thus acknowledged the reduction in the dividend for 2026. This is to be reduced from 30 cents this year to 15 cents per share. The dividends for 2027 and 2028 should be based on a ratio of 40 percent to 60 percent of free cash flow after investments. Telefonica wants to invest more in artificial intelligence, build digital services and also get involved in the defense industry. That costs money.
Technology stocks were also weak, with a discount of 1.0 percent. In Asia, technology stocks were already coming under considerable pressure. The valuations of their US counterparts have reached “dizzying heights”: “The warnings about the high valuations and a possible correction are getting louder. No wonder. The price-earnings ratio of the Nasdaq-100 is currently 35, an impressive 11 points higher than the average of the past 15 years,” says asset manager QC Partners.
The accelerating reporting season had an increasing impact on the European stock markets. According to the figures, FMC fell by 9.9 percent. Citi criticized the weak US business. Nemetschek (-1.7%) continued its profitable growth course in the third quarter thanks to good subscription and SaaS sales. On a segment basis, the two segments Design and Build in particular contributed to the solid operational development of the software company. In a weak and discount-oriented market environment, Hugo Boss managed to marginally increase profits and slightly improve margins despite the decline in sales, but the price still fell by 2.3 percent.
Elmos Semiconductor rose again by 13.2 percent. According to Metzler analysts, operating profitability on an EBIT basis was better than expected. While the company reiterated its full-year guidance, it increased its full-year free cash flow margin forecast by 3 percentage points to 10 percent. The Metzler analysts now see a higher valuation. The sustained shift to a higher margin and cash flow profile should support valuation going forward.
Philips more optimistic about 2025 margin after good quarter
Philips (+3.5%) increased sales and profits in the third quarter and is becoming somewhat more optimistic about the outlook. When it comes to the expected EBITA margin, the Dutch still expect a value in the range of 11.3 to 11.8 percent, but are now assuming a value at the “upper end of the range”.
According to their figures, Ferrari gained 3.2 percent. Consensus estimates for Ferrari’s annual profit are likely to be revised upwards after the group beat expectations and confirmed its forecast in the third quarter, wrote Tom Narayan, analyst at RBC Capital Markets.
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Index closing development in % Since the beginning of the year*
Euro Stoxx 50 5,660.20 -0.3% +16.0%
Stoxx-50 4,763.55 -0.0% +10.6%
Stoxx-600 570.58 -0.3% +12.7%
XETRA DAX 23,949.11 -0.8% +21.2%
FTSE-100 London 9,701.37 n/a +18.2%
CAC-40 Paris 8,067.53 -0.5% +9.9%
AEX Amsterdam 969.20 -0.2% +10.5%
ATHEX-20 Athens 5,081.22 -0.5% +43.0%
BEL-20 Brussels 4,920.87 +0.3% +15.1%
BUX Budapest 108,029.49 +0.2% +35.8%
OMXH-25 Helsinki 5,434.60 -1.2% +27.4%
ISE NAT. 30 Istanbul 10,914.10 n/a +12.5%
OMXC-20 Copenhagen 1,506.19 -0.2% -28.2%
PSI 20 Lisbon 8,425.88 -0.2% +32.4%
IBEX-35 Madrid 16,036.40 -0.0% +38.3%
FTSE-MIB Milan 43,262.35 +0.1% +26.4%
OBX Oslo 1,521.08 -0.6% +15.1%
PX Prague 2,404.36 -0.2% +36.9%
OMXS-30 Stockholm 2,741.08 -0.5% +11.0%
TIG-20 Warsaw 2,978.38 -0.9% +37.1%
ATX Vienna 4,794.36 -1.0% +32.2%
SMI Zurich 12,306.89 +0.6% +5.5%
*based on previous day’s close
FOREX last +/- % 0:00 Mon, 17:01 % YTD
EUR/USD 1.1485 -0.3% 1.1521 1.1524 +11.2%
EUR/JPY 176.36 -0.7% 177.66 177.63 +9.0%
EUR/CHF 0.9294 -0.2% 0.9308 0.9306 -0.8%
EUR/GBP 0.8812 +0.5% 0.8770 0.8767 +5.9%
USD/JPY 153.56 -0.4% 154.21 154.14 -2.0%
GBP/USD 1.3033 -0.8% 1.3137 1.3145 +5.0%
USD/CNY 7.0917 -0.1% 7.1005 7.1023 -1.5%
USD/CNH 7.1339 +0.1% 7.1265 7.1285 -2.8%
AUS/USD 0.6495 -0.7% 0.6537 0.6529 +5.7%
Bitcoin/USD 101,413.10 -4.7% 106,469.45 108,764.80 +12.8%
CRUDE OIL most recently VT-Settlem. +/-% +/- USD% YTD
WTI/Nymex 60.66 61.05 -0.6% -0.39 -15.2%
METALS last day previous +/- % +/- USD % YTD
Gold 3,962.28 3,997.82 -0.9% -35.54 +52.5%
Silver 47.60 48.13 -1.1% -0.53 +66.5%
Platinum 1,348.16 1,362.68 -1.1% -14.52 +55.6%
Copper 4.95 5.07 -2.3% -0.12 +20.4%
YTD based on the previous day’s closing level
(Information provided without guarantee)
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DJG/hru/ros
(END) Dow Jones Newswires
November 04, 2025 12:33 ET (17:33 GMT)