European stocks were lower on Wednesday as investors awaited the UK Budget and mulled mixed earnings reports.
The pan-European Stoxx 600 index was down 0.25% at midday with regional bourses lower. Britain’s FTSE 100 was down ahead of a government budget and spending review.
Shares in coal firms drove China equities down after Beijing’s latest move to address skyrocketing coal prices. Officials on Monday said they would investigate energy price index providers, urging industry participants to “strictly” meet contractual obligations.
In equity news, shares in gambling group Kindred slumped after the company said gross winnings revenue in the first 24 days of October had been negatively impacted by the closure of services to Dutch residents and an “exceptionally weak sports betting margin”.
Deutsche Bank shares fell 3.2% after reporting a fall in revenues at its investment banking unit but still beating expectations to post its fifth consecutive quarter of profit.
Admiral stock fell after Munich Re sold 12.1m shares in the UK insurer in a placing.
Shares in Swiss banking software specialist Temenos soared on reports that EQT is exploring a potential acquisition.
French reinsurer SCOR surged 13% as the company reported a 151% rise in income for the first nine months of 2021. Global payments firm Worldline also gained as it reported a rise in third quarter revenues.
Homeserve shares were up after the home repairs company said it had bought insurance industry repairs outsourcer CET Structures for £53m.
Shares in German sportswear company Puma rose as the company reported better-than-forecast third quarter profits but advised people to shop early for Christmas as supply bottlenecks and manufacturing disruptions would mean a shortage of its products well into 2022.
