European stocks declined from a
seven-year high, snapping their longest winning streak since April, as
Siemens AG and Royal Philips NV posted disappointing earnings, and Greek
stocks tumbled.
Siemens slid 3 percent, contributing the
most to a drop in a gauge of industrial companies, after Europe™s
largest engineering firm reported a decline in first-quarter profit.
Philips lost 5.9 percent after saying it is behind on its 2016 financial
targets. Greek banks dragged a gauge of lenders down.
The Stoxx Europe 600 Index slipped 1
percent to 368.7 at the close of trading, after earlier falling as much
as 1.4 percent. The index on Monday capped eight days of gains amid
optimism about European Central Bank stimulus, while Greek shares slid
as opposition party Syriza won the election on Sunday. The Swiss Market
Index rose 1.3 percent today, its third day of gains, as Swiss National
Bank Vice President Jean-Pierre Danthine said it is willing to intervene
in currency markets even after giving up its cap on the franc.
The ASE Index fell for a second day,
erasing its Friday rally, as new Prime Minister Alexis Tsipras took
office promising to end austerity. The gauge dropped 3.7 percent, with
Eurobank Ergasias SA, National Bank of Greece SA, and Piraeus Bank SA
plunging at least 12 percent to record lows.
Source : Bloomberg
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