European stocks slip as Legrand’s results disappoint

European stocks slipped on Thursday, pressured by losses in France’s Legrand as it missed sales growth expectations, adding to recent worries around elevated valuations in tech-related companies.

Legrand, which makes equipment for data centres, slumped 11.2% and triggered a trading halt after reporting sales growth of 11.9% in the first nine months of the year, slightly below expectations, hit by US tariffs. Other electrical equipment makers, including Schneider Electric and Siemens Energy lost about 2% each.

More broadly, the pan-European STOXX 600 slipped 0.2% to 570.58 points, as of 0818 GMT. Equities globally had a shaky start to the week, with those in Europe sliding to a more than two-week low, as fears that technology stocks were overvalued enabled some investors to book profits.

Among other major movers, Commerzbank lost 2.3% after the lender reported an unexpected drop in third-quarter net profit, hurt by higher tax rates and costs.

Zalando jumped 6.7% after the online fashion marketplace reported a 21.6% rise in gross merchandise volume in the third quarter.