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Frankfurt - European stocks slipped for a fourth day as investors assessed mixed earnings reports for indications of the health of the eurozone economy.
Anheuser-Busch InBev slipped 2.8% after the world’s largest brewer posted sales and profit growth that missed analysts’ estimates. BHP Billiton dragged miners lower, falling 6% as commodities sank and Brazilian prosecutors filed a $44bn civil suit over a November dam rupture. Societe Generale SA added 4% after reporting an unexpected increase in first-quarter profit.
The Stoxx Europe 600 Index fell 0.2% to 334.9 at 09:22. It capped its worst three-day decline since February yesterday as miners plunged and lenders fell on earnings reports.
Shares have lost momentum after rallying to a three-month high on April 20, with investors intensifying their focus on financial results amid lackluster economic data. Analysts have slashed profit projections for Stoxx 600 firms this year, reversing earlier calls for growth to forecast a decline.
Among stocks moving on corporate reports, AP Moeller-Maersk A/S jumped 5.1% after reporting a smaller decline in first-quarter profit than estimated as it stepped up cost cuts at its oil unit.
Siemens advanced 1.7% after posting higher-than-forecast second-quarter profit as greater demand for power-generating equipment offset a decline from commodities industries. HeidelbergCement AG gained 2.6% after the world’s third-largest cement-maker forecast profit and sales will rise in 2016 as it reported first-quarter earnings that beat analyst estimates.
Adidas climbed 1.5% after saying it plans to sell most of its golf unit and will start negotiations with potential buyers, abandoning brands that had been dragging on profitability.
