European Stocks Lower; Earnings From BNP Paribas, Daimler Impress By Investing.com – Investing.com

European Stocks Lower; Earnings From BNP Paribas, Daimler Impress By Investing.com – Investing.com

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Investing.com - European stock markets edged lower Friday, weighed by disappointing results from U.S. tech giants Apple (NASDAQ:) and Amazon (NASDAQ:), and by the rise in Eurozone government bond yields after Thursday's European Central Bank meeting.

At 4:10 AM ET (0810 GMT), the in Germany traded 0.6% lower, the in France fell 0.3% and the U.K.’s dropped 0.2%.

European stocks are set for strong gains in October, boosted by a swathe of positive earnings, but the week is set to end on a negative note after weaker than expected quarterly earnings from both and raised fears about the impact of global supply chain issues coming into the holiday season.

Apple, in particular, noted that supply chain problems cost it $6 billion in sales during the company's fiscal fourth quarter, and Chief Executive Tim Cook said the impact will be even worse during the current holiday sales quarter.

Back in Europe, BNP Paribas (OTC:) stock rose 0.3% after the French bank, the largest in Europe, launched a share buyback program for a maximum total of 900 million euros ($1 billion). It posted a strong rise in third-quarter profit on lower provisions for pandemic-related