European equities fell Wednesday after a series of mixed economic results highlighted the impact of tight monetary policy and rising inflation on corporate earnings.
The pan-European STOXX 600 index fell 0.2% at 07:06 GMT in its sixth consecutive losing session, with the real estate and banking sectors leading the decline.
Poor business results for Barrat Developments, Britain’s largest home builder, led to a sell-off in the industry.
Philips shares plunged 8.1% after the Dutch company announced a 60% drop in its core quarterly profit.
Shares of Credit Suisse fell 3.6% after Bloomberg reported that the US Department of Justice was investigating the Swiss bank’s continued help to US clients to hide their assets from the authorities, eight years after the bank had paid a $ 2.6 billion tax evasion transaction.
Among the winners was LVMH, which rose 0.9% after the French luxury goods giant surpassed market expectations for third-quarter sales.
(Reuters)
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