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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.