European stocks were mixed on Wednesday as a range of corporate earnings reports were released across the region.
The pan-European STOXX 600 index fell 0.1% to 617.12 points, Germany's DAX index dropped 0.2% to 24,711.92 points, Britain's FTSE index rose 0.4% to 10,365.63 points, and France's CAC index climbed 0.4% to 8,218.42 points.
These gains come after regional markets calmed down following a short-term sell-off that affected cryptocurrencies and precious metals.
Shares in Santander Bank fell 3.5% after the bank announced its intention to acquire US regional bank Webster Bank in a deal valued at $12.2 billion. The bank also reported its fourth-quarter earnings a day ahead of schedule, showing net income of €3.76 billion ($4.45 billion) for the three-month period, exceeding analysts' expectations of €3.41 billion. The Spanish bank also unveiled a new €5 billion share buyback program.
Grim outlook for Novo Nordisk
Novo Nordisk's stock price plunged 18% in early trading after the company released its results ahead of schedule on Tuesday. The company warned investors to expect lower sales and profit growth this year, citing pressure from lower prices in the US and the expiration of the monopoly rights for its leading weight-loss drugs, Wegovy and Ozempic, in China, Brazil, and Canada.
Earnings continue to attract market attention as Novartis, GSK, Infineon Technologies, Equinor, Credit Agricole, Handelsbanken, Carlsberg and OMV all release their earnings reports on Wednesday morning.
UBS shares fell 1.8% after Switzerland's largest bank reported net profits of $1.2 billion in its fourth-quarter results, up 56% year-on-year and exceeding analysts' expectations of $919 million.
Asia-Pacific markets generally declined overnight, weighed down by Wall Street losses after a sell-off in US technology stocks in the previous trading session dampened sentiment, while gold continued its gains for the second day in a row.
