European shares muted as investors weigh earnings, Mideast conflict
European shares were subdued on Thursday as investors assessed fresh corporate earnings reports and M&A activity amid escalating tensions in the Middle East that threatened to fuel energy inflation in the region.
July 16, 2026
Reuters
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FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026.
Yves Herman/Reuters
European shares were subdued on Thursday as investors assessed fresh corporate earnings reports and M&A activity amid escalating tensions in the Middle East that threatened to fuel energy inflation in the region.
The pan-European STOXX 600 index .STOXX slipped 0.1% to 641.95 by 0712 GMT, with most sectors trading marginally lower.
Tech stocks were mixed. Chip equipment maker ASML's shares ASML.AS were up 2% in early trading, while most other semiconductor stocks, STMicroelectronics STMPA.PA and BE Semiconductor BESI.AS edged down.
There was overall global relief after Taiwan's TSMC 2330.TW, the world's largest producer of advanced AI chips, reported a record 77% jump in second-quarter profit, suggesting strong demand for AI infrastructure was strong.
Also offering markets some solace over imminent AI disruption was Publicis. Shares of the French advertising group PUBP.PA added 1.4% after reporting higher first-half net revenue, driven by strong demand for AI-driven marketing services.
Elsewhere, ABB ABBN.S slipped 1% after the industrial company announced a $5.5 billion takeover of automation company Rotork ROR.L, and it said its second-quarter operating profits beat expectations. The UK company's shares soared 66%.
U.S.-based Uber UBER.N said it launched a public takeover offer for Delivery Hero DHER.DE, valuing the German food delivery company at about $14.8 billion. Shares of Delivery Hero slipped 1%, after rallying earlier this year following reports about the bid.
Global market sentiment was guarded after fresh U.S. and Iranian military strikes raised fears of a wider regional conflict, and Brent crude prices traded near $85 a barrel.
-Reporting by Tharuniyaa Lakshmi and Johann M Cherian in Bengaluru; Editing by Rashmi Aich/Reuters
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