European stocks hit by risk aversion ahead of earnings

Economically sensitive mining, banking and chemical all shed more than 1%, leading morning declines even as a rally in oil and other commodity prices lost some steam. Swiss fragrance and flavour maker Givaudan slipped 2.3% despite reporting a sales growth of 7.7% in the first nine months of the year.


Reuters | Updated: 12-10-2021 12:55 IST | Created: 12-10-2021 12:53 IST
European stocks hit by risk aversion ahead of earnings
Representative Image. Image Credit: Pixabay

European shares lost ground on Tuesday as investors feared that soaring commodity prices would hamper a recovery in corporate profit, with fresh signs of troubles at property developer China Evergrande also denting sentiment.

The pan-European STOXX 600 fell 0.9% by 0711 GMT after similar falls in Asian markets. The index is now about 5% away from its August peak. Economically sensitive mining, banking, and chemical all shed more than 1%, leading morning declines even as a rally in oil and other commodity prices lost some steam.

Swiss fragrance and flavor maker Givaudan slipped 2.3% despite reporting a sales growth of 7.7% in the first nine months of the year. Freight forwarder DSV inched up 1.4% after it raised its earnings expectations for the year, citing brisk business activity in the third quarter and continued tight capacity in the market.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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