European indexes were in the red on Thursday, as French bank Société Générale SA announced it expected its fourth-quarter capital markets revenues to fall by around 20%.

In the U.K., Prime Minister Theresa May has survived a no-confidence vote, freeing her to start cross-party discussions on finding a way forward on Brexit.

What are markets doing?

All major European indexes were down on Thursday, with the Stoxx Europe 600

SXXP, -0.06%

 dropping by 0.1% to 350.10, after ending up 0.5% on Wednesday.

Germany’s DAX

DAX, +0.04%

lost 0.4% to 10,887.31, Italy’s FTSE MIB

I945, -0.09%

dropped by 0.3% to 19,423.37 and France’s CAC 40

PX1, -0.28%

was down by 0.3% to 4,799.14. The U.K.’s FTSE 100

UKX, -0.23%

lost 0.3% to 6,842.06.

The euro

EURUSD, +0.0702%

rose slightly to $1.1399 from $1.1393 late Wednesday in New York, while the British pound

GBPUSD, -0.0078%

 dropped to $1.2871 from $1.2878.

What is driving the market?

Banks were driving down stocks after Société Générale SA

GLE, -3.76%

warned that its fourth quarter was affected by a challenging environment in global capital markets. The French bank expects revenue in this business to fall by around 20% in the fourth quarter and by 10% for 2018.

In the U.K., May is hoping to find a parliamentary consensus on Brexit that she can take back to Brussels for renegotiation, after her previous withdrawal agreement was roundly dismissed by politicians earlier in the week.

But the PM is likely to stick to the core outline of her failed deal, a strategy that Michael Hewson, chief market analyst at CMC Markets U.K., compared to “trying to resurrect a corpse”.

In the U.S., House Speaker Nancy Pelosi has urged President Donald Trump to delay his State of the Union address. Pelosi said that because of the current government shutdown, unfunded security agencies are ill-equipped to protect the government during the speech, The Wall Street Journal reports.

Which stocks were active?

French bank Société Générale SA

GLE, -3.76%

lost 4% after its poor revenue predictions. Credit Suisse Group AG

CSGN, -0.08%

Swiss Re AG

SREN, +0.34%

and Nordea Bank ABP

NDAFI, +0.11%

all lost around 0.4%.

Austrian listed Voestalpine AG was down by 6%, after the company cut its guidance for the 2019 financial year.

Auto stocks were also under pressure, with Germany’s Volkswagen AG

VOW, -0.27%

 down by just under 2%.

Software company Sage Group PLC

SGE, +5.67%

 led the European gainers, jumping 6%, as strong revenues pushed its stock up. Experian PLC

EXPN, +2.21%

 added 1% on the news its revenues were up 9%, while Associated British Foods PLC

ABF, +6.52%

 gained 5%.

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