Europe open: Shares slip amid AI threat worries, Novo Nordisk outlook

4th Feb 2026 07:59

(Sharecast News) - European stocks edged lower at the open on Wednesday as investors digested the latest earnings dump and the threat to software stocks from the expanding tentacles of artificial intelligence which sparked a sell-off on the Continent and spread to the US overnight.

The pan-regional Stoxx 600 index was down 0.06% to 617 at 0833 GMT. Germany's DAX was 0.03% lower, while the UK's FTSE 100 outperformed with a 0.59% rise as an improved takeover offer by Zurich for rival insurer Beazley drive the index to a new record high of 10,383 points.

Beazley shares also touched a new peak of £12.63 each, a rise of more than 8%.

Concerns about AI's spread sparked a sell-off in the US overnight after an updated chatbot release from AI developer Anthropic designed to automate legal work such as contract reviewing and templated responses.

"The announcement spooked markets, triggering a sharp selloff in software companies that sell data analytics and decision-making tools to lawyers, banks and corporates, on fears that AI and new players are coming for their lunch - and at an accelerated pace," said Swissquote Bank analyst Ipek Ozkardeskaya.

Precious metal prices stabilised after days of geopolitical volatility. Gold gained 2.84% to sit above the $5,000 mark, while silver climbed almost 3% to $90 an ounce.

In equity news, shares in Novo Nordisk plunged by almost a fifth after the company released its results ahead of schedule overnight.

The drug maker warned investors that sales and profit growth would fall this year, after it was hit by lower prices in the US and the end of exclusivity for its Wegovy and Ozempic weight loss drugs in China, Brazil and Canada.

UBS fell after the Swiss lender despite fourth-quarter net profits beating forecasts.

Spanish bank Santander was also lower after announcing the purchase of US regional lender Webster Bank in a deal worth $12.2bn.

Reporting by Frank Prenesti for Sharecast.com