By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets were on track for
a fourth straight day of losses on Wednesday, with heavyweight
Tesco PLC posting steep losses after a lackluster earnings
report.
The Stoxx Europe 600 index fell 0.8% to 285.90, after closing at
a one-week low on Tuesday.
The index spent the past three sessions mired in the red, as
worries over a slowdown in global growth resurfaced after
disappointing data from China and the U.S.
"The rot may have been stemmed in the short term by positive QE
comments from some senior Fed officials but there is a real sense
that investors are starting to grow weary as underlying economic
data continues to disappoint," said Mike McCudden, head of
derivatives at Interactive Investor, in a note,
"Without much by way of fresh data to direct investors today
markets may drift as they look with caution towards another Spanish
bond auction tomorrow and weekly jobs data from the U.S.," he
added.
The earnings calender in Europe featured some U.K. heavyweights,
with supermarket retailer Tesco (TESO) reporting its first drop in
earnings in 19 years, as write-downs wiped out much of the profit.
Shares were down 2.5%.
Heavyweight mining firm BHP Billiton PLC (BHP) dropped 2.3%,
after saying iron-ore production was 5% lower in third quarter
compared to the prior quarter.
On a more upbeat earnings note, shares of Burberry Group PLC
(BURBY) jumped 2.8%. The luxury retailer reported a rise in
second-half comparable sales, helped by strong sales in outerwear
and men's clothing.
The FTSE 100 index dropped 0.5% to 6,272.52.
Germany's DAX 30 index lost 1.1% to 7,599.34, while France's CAC
40 index gave up 0.8% to 3,655.77.
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