European equities drop as earnings disappoint

January 27, 2016

The major European equity markets suffered losses as weak corporate earnings triggered concerns regarding the economic slowdown in Eurozone and across globe. Weak oil prices did not help matters either.

At the time of writing, the pan-European blue chip Stoxx 50 index was down 0.50%. Germany’s DAX was and France’s CAC were down 0.30% each. The mining heavy UK’s FTSE was down 0.35%. The Stoxx Europe 600 Index slipped 0.5% and is down more than 7.5% so far this month. 

Shares in BASF SE lost 2.9% after the world’s largest chemical maker said it suffered a Euro 600 million ($652 million) loss in the fourth quarter because of lower oil and gas prices. Novartis AG dropped 2.6% after it reported a weaker-than-expected fourth quarter earnings.

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