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Europe: Shares dip as earnings fail to dispel Wall Street gloom

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[LONDON] European shares opened lower on Wednesday as a fresh batch of corporate results failed to change the negative trend set in Wall street overnight on fears that US rates could rise faster than expected.

At 08h20 GMT, the pan-European STOXX 600 index was down 0.4 per cent with most bourses and sectors down across Europe.

France's Biomerieux posted the worst performance of the index after publishing disappointing annual results and fell about 9 per cent.

In the same sector, German drugmaker Bayer's lost 3.3 per cent as earnings were dragged lower by discounts to crop protection distributors in Brazil. It also said it needed more time to wrap up the planned takeover of US seeds giant Monsanto.

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In the UK, ITV lost 7.5 per cent. The British broadcaster reported a 5 per cent drop in adjusted full-year earnings, reflecting a tough advertising environment.

The release of corporate results also triggered sharp moves upward, including Dialog Semiconductor, which jumped 7.9 per cent.

REUTERS