Half-time in Europe: looking tough

We’re just over half-way through the trading day in Europe, and there are a lot of red numbers across regional indices.

The pan-regional STOXX 600 .STOXX is down 0.4% after reigning in some of its earlier declines, the FTSE .FTSE is 0.2% lower, and the DAX .GDAXI and CAC .FCHI have shed around 0.8% and 0.7% respectively.

With Brent crude futures up 3.4%, it won’t come as a surprise that European oil and gas stocks .SXEP are among the few sectors to rise, up around 1.1%, while travel and leisure stocks .SXTP are some of the biggest fallers, last 2.1% lower.

Media stocks .SXMP are pulling back even more sharply, down 3.1% on the day so far.

European software stocks were in hot water, with SAP .SAPG.DE last down 6.8% and the likes of Capgemini CAPPPA> and Dassault Systemes DAST.PA both roughly 5% lower, after IBM's IBM.N preliminary second-quarter revenue forecast came below Wall Street estimates.

Solid bank earnings out of the U.S. from JPMorgan Chase JPM.N, Goldman Sachs GS.N and Bank of America BAC.N meanwhile had little bearing on European bank shares .SX7P.

Taking a look at single stocks, shares in UK-based floor coverings distributor Headlam Group HEAD.L have extended declines and hit a record low. They were last down 25% - the company launched a strategic review after a sharp drop in first-half revenue and wider operating losses.

German drug discovery firm Evotec EVTG.DE meanwhile saw shares plummet to their lowest in around 10 years after cutting its 2026 outlook - they were last down 25% after recouping some earlier losses.