Decline of European Stocks

European stocks opened lower on Thursday as investors assessed mixed corporate earnings results from the region, while disappointing financial results from two major U.S. companies, Netflix and Tesla, weighed on sentiment. The Stoxx 600 index fell by 0.2 percent by 07:05 GMT. Shares of Netflix and Tesla, listed in Frankfurt, dropped 8.2 percent and 3.7 percent, respectively, after announcing earnings results that disappointed expectations late on Wednesday. However, shares of Saab rose by 3.2 percent after the Swedish defense company raised its forecast for organic sales growth. In contrast, Volvo's shares fell by 6.3 percent after the company reported a 54 percent decline in operating income for the second quarter, despite expecting strong demand for its vehicles. Electrolux's shares dropped by 10.7 percent after Europe’s largest home appliance manufacturer reported a loss in the second quarter. The technology sector recorded the largest losses among sub-sectors, with shares of ASML Holding, a semiconductor company, falling three percent, continuing its losses following the financial results announced on Wednesday.