Europe: Shares fall to 1-week low, hit by weak earnings

[LONDON] European shares edged lower on Friday, led down by satellite operator SES and chemicals firm BASF after poorly received corporate updates.

The pan-European FTSEurofirst 300 was down 0.3 per cent at 1,574.44 at 0706 GMT, hitting a one-week low.

The biggest faller on the index was SES, down 8 per cent after it cut its full-year revenue and profit guidance, hit by a delayed satellite launch and a decline in earnings from fixed data customers due to the strong dollar.

German firm BASF, the world's largest chemicals company by sales, fell 4.1 per cent after earnings missed expectations.

REUTERS