European Stocks Seen Subdued As US Earnings Disappoint

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BY RTT

The European markets look set to open lower on Wednesday, extending the previous session’s losses, after weak earnings dragged down U.S. equities lower overnight. Asian stocks are broadly lower as investors digest earnings results from the likes of Apple, Microsoft and Yahoo. Chinese shares look set to break four consecutive sessions of gains, while the Australian and Japanese markets succumbed to profit taking following six days of gains.

Apple’s quarterly revenue and earnings beat analysts’ expectations, but the company forecast lower-than-expected revenue for the next three months, sending its shares down more than 6 percent during after-hours trading.

Microsoft reported the biggest quarterly loss in its history after taking a $7.5 billion write-down for its Nokia purchase last year. Yahoo posted mixed second-quarter results, with revenue surpassing expectations while earnings narrowly missed analyst expectations.

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