European stocks fell on Wednesday, weighed down by disappointing results from ASML Holding NV and Swiss industrial conglomerate ABB Ltd., and as traders assessed escalating tensions in the Middle East.
The Stoxx Europe 600 was down 1.1% at the close, its lowest level in over a week. Chip equipment firm ASML dropped after its order intake plunged in the third quarter, while ABB declined the most in over three years after posting worse-than-expected earnings. AstraZeneca Plc was the biggest drag on the index after its new cancer medicine developed with Daiichi Sankyo Co. appeared to fall short of investors’ expectations in partial results released early after a medical conference data leak.
Energy stocks and consumer products outperformed as Adidas AG jumped after it boosted its guidance for a second time in three months. In the UK, the domestically-focused FTSE 250 index slipped as data showed inflation failed to slow as forecast in September, leaving open the possibility of a further interest rate hike from the Bank of England.
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