11:54 AM EDT, 07/23/2026 (MT Newswires) -- The European stock markets closed sharply lower in Thursday trading as The Stoxx Europe dropped 1.3%, Germany's DAX fell 1.8%, the FTSE 100 lost 0.7%, France's CAC shed 1.6%, and the Swiss Market Index declined 0.7%.

The European Central Bank left its three main interest rates unchanged Thursday, with the deposit facility, the main refinancing operations, and the marginal lending facility remaining at 2.25%, 2.40%, and 2.65% respectively.

"We remain well positioned to navigate the uncertainty caused by the conflict," ECB President Christine Lagarde said at a press conference Thursday in reference to the war between the US and Iran. "Our interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission."

She added that "we are not pre-committing to a particular rate path."

And in corporate news, BP investors were urged by labor leaders to pressure the company's leadership over its lockout of 800 workers at its Whiting, Indiana refinery, several unions said Thursday.

The United Steelworkers, AFL-CIO, and IndustriALL Global Union labor organizations said the dispute "reflects broader environmental, social and governance concerns with potential consequences for investors."

Shares of the British oil and gas company increased nearly 3% in London.

STMicroelectronics reported Thursday Q2 non-GAAP earnings of $0.31 per diluted share, up from $0.06 a year earlier. Analysts polled by FactSet expected $0.28 per share.

Revenue for the quarter ended June 27 was $3.49 billion, up from $2.77 billion a year earlier. Analysts polled by FactSet expected $3.47 billion.

The company expects Q3 revenue of $3.7 billion, representing a sequential increase of 6.2%, plus or minus 350 basis points. Analysts polled by FactSet are expecting $3.79 billion.

Shares of the French semiconductor company tumbled 18% in Paris.

TotalEnergies reported Q2 adjusted earnings Thursday of $2.68 per diluted share, up from $1.57 a year earlier. Analysts polled by FactSet expected $2.46.

Revenue for the quarter ended June 30 was $57.33 billion, compared with $44.68 billion a year earlier. Analysts expected $55.13 billion.

Shares of the French oil major gained close to 3% in Paris.

Nokia reported Q2 comparable earnings Thursday of 0.07 euros ($0.08) per diluted share, up from 0.04 euros a year earlier. Analysts polled by FactSet expected 0.05 euros.

Net sales for the quarter ended June 30 were 4.82 billion euros, up from 4.44 billion euros a year earlier. Analysts polled by FactSet expected 4.84 billion euros.

Shares of the Finnish telecommunications company fell 5.1% in Helsinki.

AstraZeneca said Thursday the European Commission approved its experimental drug, Etcamah, in combination with a CDK4/6 inhibitor, for adults with a type of breast cancer harboring an ESR1 mutation that emerges during first-line endocrine therapy, after the Phase 3 SERENA-6 trial met its primary endpoint.

The company said the trial met its primary goal by reducing the risk of disease progression or death by 56% compared with an aromatase inhibitor plus a CDK4/6 inhibitor.

Shares of the British pharmaceutical company were off 0.1% in London.