Business
STOXX dips, Legrand weighs on AI plays, UK banks up
STOXX dips, Legrand weighs on AI plays, UK banks up
About this update from Prysmian S.p.a.
STOXX DIPS, LEGRAND WEIGHS ON AI PLAYS, UK BANKS UPA sharp post-results drop in Legrand and other industrial stocks that have ridden the AI boom weighed on European shares at the open on Thursday, partly offset by gains in UK banks on hopes they could avoid a punitive budget tax.Legrand EURONEXT:LR, a maker of data centre equipment, slumped 10% after quarterly sales growth missed expectations. Citi said the company's positive outlook for data centres remained, but investors were likely to focus on the timing of growth amid signs of softer demand in the second half.Other AI and electrification beneficiaries such as Schneider Electric EURONEXT:SU, Siemens Energy XETR:ENR, Prysmian MIL:PRY and Spie EURONEXT:SPIE also fell, though declines were modest.In UK banks, NatWest LSE:NWG, Lloyds LSE:LLOY and Standard Chartered LSE:STAN rose between 1.1% and 2.2%, outperforming slight gains in the European banking index (.SX7P).Elsewhere, earnings drove price action, with online fashion retailer Zalando XETR:ZAL and staffing group Adecco SIX:ADEN among the top gainers, while Diasorin MIL:DIA and Hikma LSE:HIK dropped sharply after guidance cuts.London's FTSE CURRENCYCOM:UK100 quietly awaited a razor-edge BoE meeting, down 0.2% and the region-wide STOXX TVC:SXXP fell 0.1%. (Danilo Masoni)*****EARLIER ON LIVE MARKETS: BEFORE THE BELL: EUROPE STEADY, BOE EYED, AND EARNINGS CLICK HERESPOTLIGHT ON KNIFE-EDGE BOE DECISION CLICK HERE