Economics
European Stocks Decline Amid Earnings Reports; BASF Falls
This article is for subscribers only.
European stocks declined from an almost eight-week high as companies from BASF SE to ABB Ltd. reported earnings that missed analysts’ estimates.
BASF fell to a three-month low after also saying that full-year targets now look more challenging. ABB tumbled the most in three months as its first profit increase in six quarters trailed forecasts and its order book shrank. Siemens AG plunged the most since August 2011 after saying it won’t reach its profit-margin goal for the 2014 fiscal year. Michelin & Cie. lost 1.4 percent after posting a 13 percent slide in first-half earnings.