European stock markets fall for the second consecutive day; Volvo Cars plunges 25% after quarterly loss.

European stock markets fell for the second consecutive trading day. Disappointing financial reports from companies such as Gucci, combined with concerns over high oil prices and the AI frenzy, have together put pressure on the stock market. The STOXX Europe 600 Index dropped 0.3%, with the automotive sector leading the decline. Volvo Cars saw its stock plummet as much as 25% after reporting a third-quarter loss. Gucci's sales in the third quarter fell more than expected, hindering the brand's multi-year transformation process. The energy and construction sectors performed well, leading the market gains. In recent weeks, European stock markets have stagnated, having declined nearly 4% from their highs in August. Barclays strategists noted that both European and American companies delivered a steady start to the third-quarter earnings season, but outperformance has decreased; additionally, macro-level concerns have dampened stock prices' positive response to earnings reports.