European stocks fall due to financial results

The STOXX 50 Index fell 1%, and the STOXX 600 Index fell 0.7%.

LVMH announced that sales for the second quarter were sluggish as Chinese consumers refrained from spending on luxury goods, and fell nearly 5%.

Deutsche Bank (-5.3%) recorded quarterly losses because it recorded provisions for ongoing lawsuits surrounding the post-bank division, and BNP Paribas also fell in the second quarter (-0.8%) despite an increase in profit.

Meanwhile, Banco Santander (1.6%) raised sales guidance for 2024, Iberdrola (0.8%) saw a sharp increase in profits due to an increase in renewable energy production, and Dassault Aviation (11%) recorded excellent cash performance.

On the data side, Germany's flash PMI showed that the private sector unexpectedly began to shrink due to the deterioration of the manufacturing industry and the deceleration of the service industry.

France's PMI showed a mixed scenario where the manufacturing industry contracted more than expected, while the service sector unexpectedly rose.