European shares drop after weak BASF and Novartis updates

martes 27 de octubre de 2015 13:46 GYT

* FTSEurofirst 300 down 1 percent

* BASF, Novartis fall after update disappointments

* Austria Microsystems tumbles after weak results

* Altice up as investors buy into Cablevision (Adds closing prices)

By Sudip Kar-Gupta and Alistair Smout

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

The pan-European FTSEurofirst 300 index closed down 1 percent at 1,469.82 points, extending losses in late trade as Wall Street fell following weak economic data and as oil companies' shares were hit by tumbling Brent crude prices.

The FTSEurofirst is up about 8 percent since the start of 2015, but down 10 percent from its 2015 peak reached in April.

Among the losers, 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...