European shares are lower Wednesday afternoon, weighed down by car stocks, despite a brighter start where tech stocks shone. Auto stocks lost ground after figures showed that European car sales slipped 23.4% in September, from a year earlier, as tougher emissions rules bite.
By 1500 BST, the EUROSTOXX 600 was down 0.42%, while the EUROSTOXX 50 lost 0.36%. Regional bourses were also negative. The German DAX fell 0.58%, the French CAC was 0.58% in the red and the Spanish IBEX was off 0.93%.
European car sales slump
After a positive start to the Wednesday trading session, which was boosted by upbeat earnings from Dutch-based tech firm ASML’s stronger-than-expected earnings, figures showing a near 24% decline in car sales across European during September, weighed heavily on car stocks.
The sales slump came as new rules on emissions during the month, had led to a surge in sales during the summer – meaning September proved a slow month for car sales.
However, the size of the car sales decline weighed on European auto stocks. Fallers included:
- BMW shares slipped 0.99% to €75.
- Volkswagen shares lost 0.56% to €146.60.
- Fiat shares sank 3.97% to €13.90.
- Peugeot shares were 4.62% lower at €20.65.
Other stock movers
The mixed tone of the session so far, included other interesting stock movers, Wednesday.
Azko Nobel shares rose as the Dutch-based paints maker reported an 8% increase in third quarter profits, amid higher prices and cost savings, during the period. The company also said it remains on course to achieve growth of 15%, by 2020.
Azko Nobel shares rose 2.89% to €76.22.
At the other end of the scale, Fresenius Medical shares slumped 16.40% to €71.66. The drop was driven as the German medical supplies firm reported an 8% drop in income, during the third quarter and reduced its income growth target to between 11% and 12% from 13%-15%.