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STOXX 600 down 1.4%

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Universal Music Group slumps after Q2 results

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Kering down after Q2 sales miss

(Updated at 0834 GMT)

By Pranav Kashyap

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 pan-European STOXX 600 index fell 1.4% to a

more-than-two-month 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 sell-off

in U.S. tech stocks overnight that sent the Nasdaq

tumbling nearly 4% in its worst single-day decline since 2022.

Investors fled to less risky assets, including short-dated

bonds, with the German two-yield at the lowest since

February.

"There's a knee jerk reaction to safer haven trades. We'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 sell-off is

affecting everything, however the tech sell-off is just a here

and now thing. In the long term, earnings ultimately end up

being much more important."

Europe's automobile shares lost 2.3%, dragged by a

8% tumble in Stellantis ( STLA ) after the carmaker delivered

worse-than-expected first-half results.

Adding to the drag, Renault retreated 8.8% after

alliance partner Nissan Motor ( NSANF ) slashed its full-year

outlook after its first-quarter profit was almost completely

wiped.

Nestle fell 4.7% after the KitKat maker reported

half-year sales growth below analysts' forecast and lowered its

full-year organic sales growth outlook.

Kering lost 7.6% after the French luxury group

reported a bigger-than-expected drop in second-quarter sales and

forecast a weak second half of the year.

The luxury sector lost 2%, touching a six-month

low.

Keeping losses at check, Unilever ( UL ) gained 5.1% after

beating first-half profit estimates.

Roche Holding rose 2.4% after the Swiss company

lifted its 2024 profit guidance and beat first-half profit

estimates.

Investors await U.S. inflation numbers due later in the day.

"That's a really important number which could calm some of

these global stock market fears," Bradesco BBI's Laidler said.