European shares down on mixed earning data

European shares fell on Wednesday after a batch of mixed earnings data highlighted the impact of tight monetary policy and rising inflation on corporate earnings.

According to “Reuters”, the pan-European Stoxx 600 index fell 0.2 percent by 0706 GMT, in the sixth consecutive session of losses, and the real estate and banking sectors led the decline.

Poor business results for Barrat Developments, Britain’s largest home builder, led to a sell-off in the sector.

Philips (AS:PHG) shares plunged 8.1 percent after the Dutch company announced a 60 percent drop in its core quarterly profit.

Credit Suisse shares fell 3.6% after Bloomberg reported that the US Department of Justice was investigating the Swiss bank’s continued help of US clients to hide their assets from the authorities, eight years after the bank paid a $2.6 billion tax evasion settlement.

Among the gainers was LVMH, which rose 0.9% after the French luxury goods giant beat market expectations for third-quarter sales.