Europe stocks edge lower as investors parse ECB pause, Fed signals, and a busy earnings slate

Market snapshot

• DAX (Germany): −0.2%
• FTSE 100 (UK): −0.2%
• CAC 40 (France): flat

Policy & macro

• ECB on hold: The European Central Bank kept the deposit facility rate at 2% for a third straight meeting, calling policy “in a good place” amid fading risks and resilient activity.
  • Barclays now expects no change in December and sees rates on hold through end-2026, citing the ECB’s limited conviction on the next move.
• Inflation watch: Eurozone CPI for October is expected at 2.1% y/y (vs 2.2% prior), reinforcing a picture of contained inflation.
  • Earlier, France’s HICP rose 0.9% y/y in October, slightly below expectations.
• Fed contrast: The Federal Reserve cut rates by 25 bps to 3.75%–4.00%, its third cut this year, but Chair Powell said another December reduction is “far from a foregone conclusion,” tempering hopes for rapid easing.

Corporate highlights

• Apple (AAPL): Beat expectations on iPhone and services; CEO Tim Cook guided to a potential record holiday quarter.
• Amazon (AMZN): Topped estimates as retail margins improved and AWS growth remained solid.
• Danske Bank: Sees FY2025 net profit at the upper end of guidance despite a 5% profit drop in the first nine months on higher impairments and softer insurance income.
• CaixaBank: Announced a €500mn share buyback alongside broadly in-line Q3 results; slight beat on stronger income and stable asset quality.
• Aker Solutions: Reported higher Q3 earnings on robust project activity.
• Fuchs: Beat Q3 forecasts and reaffirmed full-year guidance.

Commodities

• Crude oil: Weaker Friday and on track for a third straight monthly decline amid a firmer dollar and expectations of higher supply.
  • Brent: $64.21 (−0.3%)
  • WTI: $60.42 (−0.3%)
  • Both benchmarks are down ~3% in October as producers ramp output to gain market share, cushioning the impact of sanctions on Russian flows to China and India.

Bottom line
Europe closed the week on the back foot, with cautious central-bank signaling, a soft inflation backdrop, and a mixed commodity tape setting a subdued tone even as U.S. tech heavyweights delivered upbeat earnings.