European stocks hit by risk aversion ahead of earnings

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October 12 (Businesshala) – European shares fell on Tuesday as investors feared rising commodity prices would hinder a recovery in corporate profits, with property developer China Evergrande showing new signs of trouble.

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The pan-European STOXX 600 (.STOXX) fell 0.9% 0711 GMT, following a similar decline in Asian markets. The index is now about 5% off its August peak.

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Economically sensitive mining (.SXPP), banking (.SX7P) and chemical (.SX4P) all fell over 1%, leading the morning’s decline despite a rally in oil and other commodity prices.

Swiss fragrance and flavor maker Givaudan (GIVN.S) slipped 2.3% in the first nine months of the year despite posting sales growth of 7.7%.

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Freight forwarder DSV (DSV.CO) grew 1.4% after raising its earnings expectations for the year, citing brisk business activity in the third quarter and continued tight efficiencies in the market.

Reporting by Shruti Shankar in Bengaluru; Editing by Subhranshu Sahu

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