economy
Adidas shares pop 8% after earnings beat; European stocks fall as UAE OPEC exit complicates oil outlook
European stocks were broadly lower on Wednesday as investors react to the latest upset for OPEC and renewed concerns over the AI sector.
TL;DR
- European stocks broadly declined on Wednesday.
- UBS reported a $3 billion net profit in Q1, outperforming forecasts.
- Deutsche Bank announced a record post-tax profit but also a higher-than-expected credit loss provision.
- Santander's Q1 earnings beat analyst expectations, with shares rising.
- Adidas shares jumped after its Q1 earnings and sales exceeded expectations.
- The UAE announced its exit from OPEC, effective May 1.
- Concerns arose over OpenAI's revenue and user growth being below targets.
- Markets awaited the U.S. Federal Reserve's interest rate decision, with a steady rate expected.