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Sunday, October 24, 2021

European stocks hit by risk aversion ahead of earnings

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 8, 2021. REUTERS/Staff

Oct 12 (Reuters) – European shares lost ground on Tuesday as investors feared that soaring commodity prices would hamper a recovery in corporate profit, with fresh signs of troubles at property developer China Evergrande also denting sentiment.

The pan-European STOXX 600 (.STOXX) fell 0.9% by 0711 GMT after similar falls in Asian markets. The index is now about 5% away from its August peak.

Economically sensitive mining (.SXPP), banking (.SX7P) and chemical (.SX4P) all shed more than 1%, leading morning declines even as a rally in oil and other commodity prices lost some steam.

Swiss fragrance and flavour maker Givaudan (GIVN.S) slipped 2.3% despite reporting a sales growth of 7.7% in the first nine months of the year.

Freight forwarder DSV (DSV.CO) inched up 1.4% after it raised its earnings expectations for the year, citing brisk business activity in the third quarter and continued tight capacity in the market.

Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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