European stocks open lower with Ericsson and mining stocks falling

European stocks fell in early trading on Tuesday, affected by a decline in Ericsson shares after disappointing quarterly results and a decline in shares of mining companies as investors monitored the risks resulting from the escalation of the conflict in the Middle East.

The European STOXX 600 index fell 0.1 percent by 0705 GMT, with the mining sector recording the largest losses, declining 0.6 percent, affected by the decline in copper prices.

Ericsson shares fell 7.3 percent after the Swedish telecommunications network equipment company indicated that the current uncertainty affecting its mobile network business will continue until 2024, with the announcement of a decline in third-quarter revenues.

The broader telecommunications sector index fell 0.5 percent.

Lonza shares fell 11.5 percent after the drug maker cut its 2024 profit margin again following the sudden resignation of its CEO last month.

Rolls-Royce (LON:RR) shares rose 1.5 percent after the British engineering company decided to cut up to 2,500 jobs in its latest transformation plan.

The Financial Times 100 index in Britain remained unchanged after data showed a slowdown in regular wage growth in the country from the previous record high.