European shares drop as BASF and semiconductor stocks fall

martes 27 de octubre de 2015 05:08 GYT

* 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...