European shares drop 1% as reinsurers slide and Teleperformance plunges 15%

European stocks fell on Friday, 6 November, as the global tech selloff spilled across the Atlantic. The STOXX 600 lost 1%, though it still eked out a small weekly gain because Europe has less exposure to AI stocks than Wall Street or Asia, Reuters reported.

Biggest movers

• Insurers led the decline, with the sector down 2.6% after JPMorgan downgraded German reinsurers: Munich Re −4.4%, Hannover Re −4.3%. Swiss Re fell 4.6% despite reporting higher net profit.
• Teleperformance slumped 15.3% after cutting its full-year revenue growth outlook, citing weakness in its trust-and-safety business.
• Media shares fell 2.3% and personal & household goods 1.9%.

Bright spots

Clean-energy stocks rose on expectations that a Democratic-controlled Congress could restore support for renewables: Nordex +5%, Orsted +1.2%; EDP raised its profit guidance for the third time this year. Travel was the only sector to rise (+0.9%), on hopes of lower oil prices.

“There is an element of the market selling first and asking questions later,” Saxo Bank strategist Ruben Dalfovo told Reuters.

Later on Friday, Wall Street partly recovered: the S&P 500 rose 0.31% and the Nasdaq 1.1%, while the Dow slipped 0.46%.