European Stocks Mixed as Earnings Flood Continues, Nvidia Results Stir Cautious Reaction

European equities traded mixed on Thursday as investors sifted through a heavy slate of regional corporate earnings, while also digesting the latest results from U.S. chip heavyweight Nvidia.

By 03:10 ET (08:10 GMT), Germany’s DAX slipped 0.2% and the U.K.’s FTSE 100 eased 0.1%, while France’s CAC 40 bucked the trend, rising 0.3%.

Earnings take center stage in Europe

Corporate results dominated market attention, with earnings season reaching full throttle across the region.

According to Bank of America, European fourth-quarter earnings are modestly beating expectations, but the broader picture remains fragile. Companies missing forecasts have faced sharp market penalties, highlighting investors’ low tolerance for disappointment.

With just over half of STOXX 600 firms having reported, year-on-year earnings per share growth is tracking at around 2%, compared with expectations for a 2% decline at this point in the season.

“The upside surprise to index earnings is dominated by financials and industrials, while tech has been the main drag,” said BofA strategists led by Andreas Bruckner.

Among notable movers:

• Deutsche Telekom reported a 9.2% drop in fourth-quarter adjusted net profit, hurt by a weaker U.S. dollar that weighed on earnings from its T-Mobile US unit. The company also lowered growth ambitions in its home market.
• Stellantis posted its first annual loss on record, after flagging €22.2 billion in charges tied to scaling back its electric-vehicle strategy.
• Allianz delivered record operating profit for 2025, but its 2026 guidance fell short of analyst expectations.
• AXA met full-year expectations, with underlying earnings per share up 8% year-on-year.
• Clariant beat fourth-quarter forecasts, marking its third straight year of margin improvement.
• Puma warned it expects an operating loss of €50 million to €150 million this year, despite narrowing losses in 2025.
• Schneider Electric reported record annual revenue above €40 billion, fueled by booming data-center demand, and set a double-digit profit growth target for 2026.

Nvidia beats again, but fails to excite

In the U.S., Nvidia once again exceeded expectations late Wednesday, reporting better-than-forecast results for the January quarter and issuing upbeat guidance.

The AI chip leader expects fiscal first-quarter revenue of around $78 billion, plus or minus 2%, well above the $72.6 billion consensus estimate, according to LSEG data.

Still, after-hours gains were muted, as investors—accustomed to strong beats over 14 consecutive quarters—appeared underwhelmed by what some saw as an uneventful release.

Confidence data and oil prices in focus

On the macro front, markets are awaiting Italian and Spanish business confidence data, alongside broader EU economic sentiment figures.

In the U.K., a survey showed a sharp improvement in optimism among business and professional services firms, ending more than a year of declines. However, consumer-facing sectors remain under pressure.

Oil prices were steady near seven-month highs ahead of a fresh round of U.S.–Iran nuclear talks later Thursday. Brent crude edged up 0.2% to $70.84 a barrel, while U.S. WTI rose 0.2% to $65.62.

U.S. envoys are set to meet Iranian officials in Geneva, with President Donald Trump warning that “bad things” could happen if talks fail—raising concerns over potential disruptions to oil supply from Iran, OPEC’s third-largest producer.