Worse-than-estimated
earnings from companies including Roche Holding AG and Hennes &
Mauritz AB dragged European stocks lower.
Roche
slid 3.8 percent, leading drugmakers lower. H&M dropped 4.8 percent
after also warning a stronger dollar will continue to weigh on
first-quarter profit. Stocks have moved more in step with with crude
prices lately, and Europe’s benchmark deepened losses after energy
shares pared some gains.
The
Stoxx Europe 600 Index dropped 1.6 percent at the close. It swung
between gains and losses at least six times, falling as much as 2.2
percent and rising as much as 0.3 percent. Worries about global growth
amid a rout in oil prices and a slowdown in China have sent the Stoxx
600 down 8.5 percent this month, putting it on track for the worst
January since 2008.
Volatility
has been on the rise, with the VStoxx Index of euro-area market stress
heading for its biggest monthly gain since August. The volume of futures
traded shows investors are betting the swings will only get worse.
Among
other stocks moving on corporate results, First Group Plc slid 12
percent after lowering its forecast for full-year operating profit.
Tele2 AB slumped 11 percent after the Swedish wireless carrier predicted
earnings that missed analysts’ estimates.
Source: Bloomberg
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