European stocks slip as Legrand’s results disappoint

(Reuters) -European stocks slipped on Thursday, pressured by losses in France’s Legrand as it missed sales growth expectations, adding to recent worries around elevated valuations in tech-related companies.

Legrand , which makes equipment for data centres, slumped 11.2% and triggered a trading halt after reporting sales growth of 11.9% in the first nine months of the year, slightly below expectations, hit by U.S. tariffs.

Other electrical equipment makers, including Schneider Electric and Siemens Energy lost about 2% each.

More broadly, the pan-European STOXX 600 slipped 0.2% to 570.58 points, as of 0818 GMT.

Equities globally had a shaky start to the week, with those in Europe sliding to a more than two-week low, as fears that technology stocks were overvalued enabled some investors to book profits.

Among other major movers, Commerzbank lost 2.3% after the lender reported an unexpected drop in third-quarter net profit, hurt by higher tax rates and costs.

Zalando jumped 6.7% after the online fashion marketplace reported a 21.6% rise in gross merchandise volume in the third quarter.

(Reporting by Johann M Cherian in Bengaluru; Editing by Eileen Soreng)