Tech stocks pull European shares lower; earnings in focus

(Reuters) -European shares hit a two-week low on Wednesday as elevated equity valuations continued to make investors nervous globally, while Novo Nordisk slipped after the drugmaker issued a dour forecast.

The pan-european STOXX 600 index fell 0.4% to 568.10, as of 0811 GMT, trading at levels last seen on October 17 for a second straight session.

Technology stocks were top sectoral decliners, falling 1.3%, while stocks often seen as safe-havens such as the food and beverage traded marginally higher.

Valuation fears resurfaced this week on Wall Street and in Asian markets that have had record-breaking runs this year, driven primarily by enthusiasm for artificial intelligence. Comments by major U.S. banks on Tuesday further fuelled these worries.

Meanwhile, earnings were also in focus across the continent.

Novo Nordisk fell 2% in choppy trading after the Wegovy maker lowered its full-year profit forecast in an early blow to the Danish drugmaker’s new CEO amid a deep restructuring drive to claw back lost ground in a fierce obesity drug market battle.

Ambu slumped 12% after the Danish endoscopy solutions maker reported quarterly results below consensus

Vestas reported third-quarter operating profit above expectations, sending shares of the wind turbine maker up 10%.

(Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi Aich)