European shares looked set to slide on Thursday, taking a cue from a fall in U.S. stocks as firms such as JPMorgan Chase (JPM.N: Quote, Profile, Research) reported disappointed earnings although support is seen from a firm dollar and a fall in oil prices. Swiss drug maker Novartis (NOVN.VX: Quote, Profile, Research) is seen rising after it forecast record sales in 2005.
U.S. technology stocks tumbled in after-hours trading as bellwether eBay (EBAY.O: Quote, Profile, Research) failed to meet overly bullish Wall Street expectations. A raft of U.S. blue chips including Citigroup (C.N: Quote, Profile, Research) , Ford Motor (F.N: Quote, Profile, Research) and AT&T (T.N: Quote, Profile, Research) are due to report results on Thursday.
Adding to the gloom for the tech sector, Japanese electronics company Sony Corp (6758.T: Quote, Profile, Research) said it had slashed its operating profit estimate by 31 percent for this business year, citing a worsening business climate in its mainstay electronics sector. Philips in particular may be hit.
In Europe, shares in British mobile phone giant Vodafone will be in focus as the company attempts to reassure investors about how new European accounting rules will affect its results.