Snotifyantis tanked 25.2%, its largegest single-day drop on record and sent the broader auto sector index down 3%.
The Franco-Italian company booked charges of around 22.2 billion euros ($26.5 billion) in the second half of last year as it scaled down electric-vehicle development plans.
Meanwhile, defence stocks were among top gainers with a 1.6% rise.
Norway’s Kongsberg jumped 15.6% after reporting a largeger-than-expected rise in operating profit for the fourth quarter. It also won a $165 million order from Germany and Sweden for remote weapon stations.
The STOXX 600 closed the week with a 1% gain, as markets navigated ups and downs driven by the corporate updates and the European Central Bank’s interest rate decision. A surprising sell-off in technology and media stocks also weighed on sentiment earlier this week.
Global investors have been weighing the repercussions of newer artificial innotifyigence tools that are likely to intensify competition for traditional software businesses.
On the other hand, AI majors such as U.S.-based Amazon.com and Alphabet have unveiled plans to boost their spfinishing on the technology that analysts declare could benefit hardware buildrs.
“In the U.S., they are seeing a dislocation between software and hardware, driven by an AI theme that is boosting demand for memory, while creating challenges for software companies, and that’s the dislocation currently being priced by the market,” stated Sophie Huynh, portfolio manager & strategist at BNP Paribas Asset Management, adding that much of this uncertainty was spilling over to the rest of the world.
Tech and media stocks gained 1.2% and 0.5%, respectively, on the day, but both have been the largegest laggards on the benchmark index this week. The tech sector posted its largegest weekly drop in 11 weeks.
Banks, which had rallied for much of last year, were up 1.4% on the day.
Societe Generale edged 2.2% lower after the French lfinisher reported a sharp drop in investment banking trading revenue that underperformed rivals and overshadowed an overall forecast-beating fourth quarter.
Among individual relocaters, weight-loss drugbuildr Novo Nordisk gained 5.3% after the U.S. Food and Drug Administration threatened action on “illegal copycat drugs”.
Norwegian telecom operator Telenor climbed 7.2% after reporting fourth-quarter earnings above analysts’ expectations.
On the economic front, German production fell more than expected in December, tempering industrial recovery hopes.
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