European shares slide as earnings disappoint; data on tap

European shares slipped on Wednesday, weighed by a drop in banks following HSBC's disappointing earnings, while investors awaited region-wide consumer confidence data. Banks lost 1%. More broadly, the pan-European STOXX 600 index dipped 0.3% by 0820 GMT. Among other movers, JDE Peet forecast 2024 organic sales growth at the low end of its mid-term target, taking its shares down by 4%.

European shares slipped on Wednesday, weighed by a drop in banks following HSBC's disappointing earnings, while investors awaited region-wide consumer confidence data.

Banks lost 1%. HSBC tumbled 7.2%, set for its biggest one-day drop since March 2020, after its annual profit missed analysts' forecasts as the income boost from higher interest rates was offset by a hefty $3 billion charge from its stake in a Chinese bank. More broadly, the pan-European STOXX 600 index dipped 0.3% by 0820 GMT.

Among other movers, JDE Peet forecast 2024 organic sales growth at the low end of its mid-term target, taking its shares down by 4%. Glencore fell 4.1%, driving a 0.8% loss in the basic resources sector, as the miner reported bleak earnings and slashed its payout to investors.

On the data front, investors await flash eurozone consumer confidence for February, due at 10:00 GMT, while later in the day, the U.S. Federal Reserve will release the minutes of its January meeting.