European shares drop after weak BASF and Novartis updates

martes 27 de octubre de 2015 11:12 GYT
 

* FTSEurofirst 300 down 0.5 pct, Euro STOXX 50 down 0.4 pct

* BASF falls after cutting earnings guidance

* AMS tumbles sharply after weak results

* Altice up as investors buy into Cablevision (Adds detail)

By Sudip Kar-Gupta and Alistair Smout

LONDON, Oct 27 (Reuters) - European stock markets fell further away from last week's two-month high on Tuesday after a drop in the shares of BASF and Novartis.

The pan-European FTSEurofirst 300 index, rose to a two-month high on Friday after the Chinese rate cut drove up world stock markets, declined 0.7 percent. The euro zone's blue-chip Euro STOXX 50 index fell 0.6 percent.

BASF shares dropped by 5 percent after the chemicals group lowered its full-year earnings guidance due to weak sales in China, Brazil and other emerging markets.

"While the results were in line with expectations, and the downgraded FY15 outlook was anticipated, the detail is troublesome," analysts at Investec said in a note. "The comment on 'no volume momentum in September' is likely to be seen as bearish for 4Q15, in our view."   Continuación...