European stocks end at over one-week low; beverage makers hurt by US tariffs

European shares closed at a more than one-week low on Thursday, as investors were disappointed by a series of corporate reports from the likes of Sanofi and Ferrari, while beverage makers slid as they were faced with a 15% U.S. tariff.

Earnings were in full swing in Europe this week as traders gauged the impact U.S. tariffs were likely to have on corporate performance for the rest of the year.

The pan-European STOXX 600 index  finished 0.75% lower, with Italian stocks  underperforming the most in major markets with a 1.5% decline.

Italian luxury carmaker Ferrari  slid 11.7% - marking its biggest one-day drop since its listing nine years ago. The stock also weighed on the broader STOXX automobile sector which was down nearly 4%.

The sports-car maker maintained its annual forecasts and said that it will reduce the price compensation it introduced earlier on some cars sold in the U.S., once the U.S.-EU trade deal was effective. However, analysts mulled if the company can sustain its high profitability.