Europe open: Shares lower on Meta results, Credit Suisse $4bn raising

European shares opened lower on Thursday after Facebook owner Meta posted disappointing results, Credit Suisse went cap in had to investors and markets prepared for a potential 75-basis point rate hike by the European Central Bank.

The Stoxx 600 benchmark index was down 0.37% in early deals, with most markets lower bar the UK’s FTSE 100, which gained 0.22% driven by upbeat earnings at Shell.

Meta shares plunged by a fifth in after-hours trading after the company forecast a weak holiday quarter and significantly more costs next year.

In regional equity news, shares in troubled bank Credit Suisse tumbled 8% as the Swiss lender unveiled a $4bn cash call and plans to axe 9,000 jobs as part of a major overhaul to rectify scandals and mismanagement that have plagued it in recent years.

Shell gained as it announced a $4bn share buyback and posted better-than-expected third-quarter profits.

Adjusted earnings rose to $9.5bn from $4.1bn in the third quarter a year earlier, but were down from the record $11.5bn posted in the second quarter of the year. Analysts had been expecting net earnings of $9bn.

Reporting by Frank Prenesti for Sharecast.com