Disappointing earnings outlooks knock back overbought European shares

martes 25 de febrero de 2014 08:29 GYT

* FTSEurofirst 300 down 0.4 pct

* Healthcare and telecom outlooks knock defensive sectors

* Miners hit by concerns over China

* CAC, FTSE retreat from multi-year highs

By Alistair Smout

LONDON, Feb 25 (Reuters) - European shares pulled back from three weeks of sharp gains on Tuesday, causing many regional indexes to fall from multi-year highs, as weak corporate outlooks darkened the earnings picture.

Fresenius Medical Care (FMC) fell 7.1 percent after it unexpectedly forecast another decline in profit for 2014 amid cuts to healthcare budgets in the United States. Shares in Fresenius, which controls FMC, fell 8.8 percent.

German chemicals firm BASF trimmed 15 points from the DAX, dropping 1.7 percent after its own update.

Although above-estimate profit helped the stock gain in early deals, a lack of clarity over its outlook, as well as comments by its CEO that it would focus on using extra capital for takeovers rather than share buybacks, hit the stock.   Continuación...