European shares slip on earnings-day disappointment

Reuters | | Updated on: Jan 23, 2018

European stock markets lost ground on Tuesday, with French bank Credit Agricole and German carmaker BMW among the worst performers after reporting results, while weak oil prices also weighed on energy stocks.

The pan-European FTSEurofirst 300 index, which had risen 0.7 per cent on Monday, edged back by 0.3 per cent, while the euro zone’s blue-chip Euro STOXX 50 index also weakened by 0.5 per cent.

Credit Agricole slumped 8 percent after it booked an additional €350 million in litigation provisions while posting second quarter results.

BMW also fell 2.7 per cent after its second quarter operating profit eased 3 per cent on slowing China sales, leading the carmaker to caution that while it still expects new records for sales and pretax profit in the full year, earnings momentum was slowing.

Published on August 04, 2015
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