European Stocks Fall to Kick Off Q4

European stocks opened Q4 on a weaker footing, with both the STOXX 50 and STOXX 600 falling nearly 1%, pressured by rising global bond yields and elevated crude oil prices, while extending losses from September. Most sectors traded in negative territory, with technology shares the notable exception. Pandora fell more than 4%, underperforming the STOXX 600, after its CEO said US demand was set to stabilize at a low level. HSBC (-2.6%), Novartis (-1.7%), Shell (-1.2%), LVMH (-1.6%) and Nestlé (-1.2%) also traded lower. Meanwhile, the technology sector gained, tracking global peers higher after Micron Technology issued an upbeat outlook. ASML Holding (+0.8%) and Infineon (+1.7%) were among the gainers.