European shares lose ground as Novartis and BASF fall
LONDON Jan 27 (Reuters) - European shares lost ground on Wednesday, impacted by a drop in Swiss drugmaker Novartis and German chemicals company BASF after their weak earnings updates.
Royal Bank of Scotland also fell more than 2 percent after the bank warned its profits would be hit by a pension charge and U.S. litigation provisions, while a forecast of lower revenues from Apple impacted technology stocks.
The pan-European FTSEurofirst 300 index was down by 0.6 percent, while the euro zone's blue-chip Euro STOXX 50 index fell 0.8 percent.
Novartis fell 2.7 percent after its fourth-quarter core net income missed analyst expectations, while BASF weakened by 2.9 percent after issuing a profit warning. (Reporting by Sudip Kar-Gupta; Editing by Atul Prakash)
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