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European stocks close lower on earnings; Kering up more than 8%; Bic down 8%

  • Basic resources were among the worst performers on earnings
  • Kering rose more than 8 percent after posting higher third-quarter sales, boosted by its Gucci brand
  • Germany's Ifo Business Climate rose in October to 116.7, from 115.3 in September

European stocks closed lower Wednesday as investors reacted to new earnings reports and monitored fresh economic data.

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IBEX 35
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The pan-European Stoxx 600 closed provisionally lower with most major bourses and sectors in negative territory. Kering rose more than 8 percent after posting higher third-quarter sales, boosted by its Gucci brand.

The German airline Lufthansa reported strong third-quarter results indicating that revenues in the coming quarter could come above the 4.5 percent increase seen this time. The stock took over the top of the German DAX benchmark, up by more than 3 percent.

Bic dropped to the bottom of the benchmark, down by more than 8 percent, after reporting lower net sales in the third quarter.

Heineken, the world's second-largest brewer, announced stronger sales in the third quarter with growth in all regions but Europe. Its shares fell more than 3 percent.

Basic resources were among the worst performers on earnings. Miner Antofagasta dropped more than 4 percent after cutting its 2017 guidance. Fresnillo was lower after updating with its third-quarter production. Auto stocks were also under pressure with Valeo down more than 4 percent on third-quarter results. Peugeot said Wednesday morning that revenues rose 31.4 percent in the third quarter, with sales rising worldwide except in China. Shares were more than 1 percent lower.

Meanwhile on Wall Street, U.S. stocks opened mixed as another batch of corporate earnings reports hit the tape.

Ifo Business Climate up; New Fed chair

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Germany's Ifo Business Climate rose in October to 116.7, from 115.3 in September. The index stood at 110.2 at the same time last year. Companies are "very optimistic" about the upcoming months.

The U.K. economy grew by 0.4 percent in the third quarter of this year, beating market estimates.