Auto stocks logged their worst daily performance since March
Ferrari's steepest fall drags Europe's stocks, HSBC pulls parking brake
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European stocks fell on Thursday, dragged lower by steep losses in HSBC and Ferrari, knocking the STOXX off its record perch as investors kept a wary eye on France's deepening political turmoil.
The pan-European STOXX 600 closed 0.4% lower, coming off its record high hit in the last session.
Ferrari shares skidded to their worst single-day drop on record, closing at their lowest since April, as underwhelming long-term financial targets dulled investor enthusiasm and stole the spotlight from the luxury Italian carmaker's electric debut.
Auto stocks logged their worst daily performance since March, with Michelin also adding to the blow. The French tire maker was off 3.8% after saying its third-quarter sales volumes would decline compared to the previous year.
Shares of HSBC dropped 5.4%, the biggest drag on the STOXX, after the British lender said it plans to buy out minority shareholders in its Hang Seng Bank subsidiary in a deal worth around $13.6 billion.
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