- Puma down on lower-than-expected annual profit
- Swedbank beats Q4 profit estimates, shares rise
- Essity falls on downbeat Q4 earnings
- STOXX down 0.1%
Jan 23 (Reuters) - European shares pulled back from their record highs on Thursday, as technology stocks fell and sportswear retailer Puma slipped to near seven-year low due to weaker-than-expected earnings.
The pan-European STOXX 600 was down 0.1% at 1002 GMT. The benchmark had hit an all-time intraday high on Wednesday.
Puma slumped 16.1% as it delayed its margin target and decided to cut costs after reporting a worse-than-expected annual profit. Rival Adidas had on Tuesday reported better-than-expected preliminary fourth-quarter results.
"Strong updates from Adidas got people excited and the fact that Puma has come out with completely opposite message has sort of shocked people," said Daniel Coatsworth, investment analyst at AJ Bell.
Among the sectors, technology slid 1.5%, led by a 4% decline in computer chip equipment supplier ASML.
Tech stocks had rallied in the previous session, spurred by U.S. President Donald Trump's mammoth spending plans for artificial intelligence infrastructure.
The mining sector slipped 0.8% as metal prices declined due to Trump's tariff-centric threats.
Investors are concerned about the persistent protectionist rhetoric by Trump, who has pledged to hit the European Union with tariffs that are likely to be issued on Feb. 1.
Limiting losses on STOXX 600, the banks index gained 0.7% after Swedbank proposed a larger-than-expected hike in its annual dividend and posted fourth-quarter operating earnings above market expectations. Its shares rose 4.6%.
On the data front, French industrial confidence fell in January to 95 points from 97 points in December. Euro zone consumer confidence figures are set to be released later in the session.
Norway's central bank held its policy interest rate unchanged as expected at a 17-year high of 4.50% and maintained plans to start cutting borrowing costs in March.
Among other stocks, Swedish hygiene products maker Essity fell 7.3% after the company reported fourth-quarter core earnings below market expectations.
British auto distributor Inchcape fell 10.7%, with traders attributing the decline to a J.P. Morgan downgrade.
Scientific instruments maker Spectris surged 10.5% after its annual 2024 adjusted operating profit reached the upper-end range of analysts' expectations.
Reporting by Nikhil Sharma in Bengaluru; Editing by Eileen Soreng and Arun Koyyur
Source: Reuters