European stock markets are currently experiencing declines as investors are reducing their equity positions ahead of significant macroeconomic data and the upcoming U.S. vote on November 5.

Paris and Milan have both dropped by 1%, London has seen a decrease of 0.5%, and Frankfurt is down by 0.4%. On the other hand, U.S. futures are slightly up, thanks to positive quarterly results from Alphabet.

Among European stocks, UBS has seen an increase of 1.3% following strong earnings, while Volkswagen has gained 1.7% after reporting better-than-expected results. However, Campari has experienced a sharp decline of 16% due to disappointing third-quarter figures. Other notable losses on the Milan exchange include STMicroelectronics down 2.5%, Prysmian down 2.3%, and Moncler down 2.2%. Energy and utility stocks are holding steady, supported by a 1% rise in oil prices, with WTI trading at $67.9 a barrel.

Despite better-than-expected GDP growth in Germany, France, and Spain, market sentiment remains cautious as investors await Eurozone growth data and U.S. economic indicators later in the day. Government bond yields have remained stable, with the spread between BTP and Bund widening by one basis point to 123, while the yield on Italian bonds holds firm at 3.56%.