European shares pushed down as weak earnings weigh on markets

miércoles 27 de enero de 2016 05:15 GYT
 

* Novartis and BASF fall after weak earnings updates

* ARM down as Apple forecasts lower revenue

* RBS falls after warns of hit to profits

By Sudip Kar-Gupta

LONDON, Jan 27 (Reuters) - European shares fell on Wednesday, hit by a drop in Swiss drugmaker Novartis and German chemicals company BASF after their weak earnings updates.

Royal Bank of Scotland also dropped after the bank warned its profits would be hit by a pension charge and U.S. litigation provisions.

A forecast of lower revenues from iPhone maker Apple also hit European technology and chipmaker stocks such as ARM and Dialog.

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 3.2 percent after its fourth-quarter core net income missed expectations, while BASF declined by 1.8 percent after issuing a profit warning.   Continuación...