European shares dip as earnings fail to dispel Wall Street gloom

LONDON (Reuters) – 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 U.S. rates could rise faster than expected.

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

France’s Biomerieux (BIOX.PA) posted the worst performance of the index after publishing disappointing annual results and fell about 9 percent.

In the same sector, German drugmaker Bayer’s (BAYGn.DE) lost 3.3 percent 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 U.S. seeds giant Monsanto (MON.N).

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

The release of corporate results also triggered sharp moves upward, including Dialog Semiconductor (DLGS.DE), which jumped 7.9 percent.

Julien Ponthus; Editing by Jon Boyle

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