Live Markets: STOXX dips, Legrand weighs on AI plays, UK banks up

Hikma Pharmaceuticals

06/11/2025 10:04

STOXX 600 down 0.1%

Legrand misses

BoE eyed, UK banks up

Nasdaq futures flat

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STOXX DIPS, LEGRAND WEIGHS ON AI PLAYS, UK BANKS UP

A 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 LEGD.PA, 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 SCHN.PA, Siemens Energy ENR1n.DE, Prysmian PRY.MI and Spie SPIE.PA also fell, though declines were modest.

In UK banks, NatWest NWG.L, Lloyds LLOY.L and Standard Chartered STAN.L 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 ZALG.DE and staffing group Adecco ADEN.S among the top gainers, while Diasorin DIAS.MI and Hikma HIK.L dropped sharply after guidance cuts.

London's FTSE .FTSE quietly awaited a razor-edge BoE meeting, down 0.2% and the region-wide STOXX .STOXX fell 0.1%.

(Danilo Masoni)

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EARLIER ON LIVE MARKETS:

         BEFORE THE BELL: EUROPE STEADY, BOE EYED, AND EARNINGS CLICK HERE

SPOTLIGHT ON KNIFE-EDGE BOE DECISION CLICK HERE

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