According to Jinshi, European stocks opened lower as investors assessed the Federal Reserve's signals on the prospect of rate cuts and analyzed the earnings reports of companies such as Novo Nordisk and Shell. The European Stoxx 600 index fell 0.2%. Novo Nordisk shares fell 0.8% as its performance failed to impress investors. Shell shares rose 0.6% as it continued to buy back shares and its first-quarter profit fell less than expected.
Banks outperformed, as did financial and retail stocks, while energy was the worst performer. The European benchmark ended a five-month winning streak in April as investors worried that stubborn inflation would prompt the Federal Reserve to keep interest rates high for longer.
