European stock markets opened mixed on Wednesday as investors reacted to a series of corporate earnings reports and a higher-than-expected UK inflation print.
The Stoxx 600 index was flat in early trading at 9:38 a.m. in London, following Tuesday’s record high close. Sectors and individual stocks showed a mixed performance, reflecting the diverse earnings results.
Earnings Highlights
Philips (-12%): The Dutch healthcare technology giant fell sharply after missing Q4 sales growth expectations, with a double-digit decline in China. Analysts at Citi noted that the company’s 2025 guidance was also underwhelming.
BAE Systems (-%): The British defence contractor saw its stock slip despite reporting a record order book and higher annual profits.
Glencore (-6.5%): The global mining and commodities firm reported a 16% year-on-year drop in adjusted earnings in its preliminary annual results.
HSBC (-%): Europe’s largest lender posted an annual pre-tax profit of $32.31 billion, slightly missing analysts’ expectations due to a $3.1 billion drop in net interest income.
UK Inflation Surprises to the Upside
Inflation in the UK rose to 3% in January, surpassing the 2.8% forecast by economists polled by Reuters. The Office for National Statistics (ONS) also reported that core inflation—which excludes energy, food, alcohol, and tobacco—climbed to 3.7%, up from 3.2% in December and marking its highest level since April 2024.
The hotter-than-expected inflation figures raise questions about the Bank of England’s interest rate trajectory, with investors now speculating on whether rate cuts will be delayed.
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