STOXX 600 down 1.4
Universal Music Group slumps after Q2 results
Kering down after Q2 sales miss

July 25 Reuters European shares stumbled on Thursday, weighed down by a string of disappointing corporate earnings, while a global tech stock rout sent jittery investors scrambling for safer havens.

The panEuropean STOXX 600 index fell 1.4 to a morethantwomonth low as of 0834 GMT, and was set for the worst day in over three months, if losses hold.

Media shares declined 4.3, the most among sectors, dragged by a 26.7 loss in Universal Music Group after the company reported a slowdown in its subscription and streaming segment in the second quarter.

The tech sector lost 2.6, triggered by a selloff in U.S. tech stocks overnight that sent the Nasdaq tumbling nearly 4 in its worst singleday decline since 2022.

Investors fled to less risky assets, including shortdated bonds, with the German twoyield at the lowest since February.

There39;s a knee jerk reaction to safer haven trades. We39;re seeing bonds firm up, especially at the short end of the yield curve, said Ben Laidler, head of equity strategy at Bradesco BBI.

The global contagion from the U.S. tech selloff is affecting everything, however the tech selloff is just a here and now thing. In the long term, earnings ultimately end up being much more important.

Europe39;s automobile shares lost 2.3, dragged by a 8 tumble in Stellantis after the carmaker delivered worsethanexpected firsthalf results.

Adding to the drag,…