European stocks fell on Wednesday, weighing the defensive losses in front of optimism about encouraging quarterly results for consumer giants Nestlé and Ericsson for telecommunications equipment.
The pan-European STOXX 600 index fell 0.3%, and the healthcare and real estate sectors fell more than 0.5% each.
But stocks that are heavily affected by the economic cycle, such as banks and auto makers, rose as US lawmakers approached an agreement on a new aid package for those affected by the Corona virus.
Nestle shares rose 0.6% after the company raised its forecast for self-growth in sales in 2020, and strong demand for pet food and health products supported the quarterly results.
Sweden’s Ericsson jumped 7.2% as higher margins and China’s launch of 5G networks helped the company beat its base quarterly earnings estimates.