European shares drop as BASF and semiconductor stocks fall
* FTSEurofirst 300 and Euro STOXX 50 down 0.3 pct
* BASF falls after cutting earnings guidance
* AMS, Dialog shares fall sharply
* Altice up as investors buy into Cablevision
By Sudip Kar-Gupta
LONDON, Oct 27 (Reuters) - European stock markets fell on Tuesday, moving further away from last week's two-month high after a drop in the shares of BASF and Novartis weighed on markets.
Semiconductor stocks also suffered after Austria Microsystems warned late on Monday of weak fourth-quarter results. Austria Microsystems' shares slid 9 percent while rival Dialog dropped 8 percent.
The pan-European FTSEurofirst 300 index, which had risen to a two-month high on Friday after a Chinese rate cut drove up world stock markets, declined 0.3 percent, as did the euro zone's blue-chip Euro STOXX 50 index.
BASF shares dropped by 4.7 percent after the chemicals group lowered its full-year earnings guidance due to weak sales in China, Brazil and other emerging markets. Continuación...