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25.07.2013 17:26

European stocks close

European stocks declined from an almost eight-week high as companies from BASF SE to ABB Ltd. reported earnings that missed analysts’ estimates.

National benchmark indexes fell in 14 of the 18 western European markets. Germany’s DAX dropped 1 percent. The U.K.’s FTSE 100 slid 0.5 percent. France’s CAC 40 lost 0.2 percent.

BASF dropped 4.5 percent to 66.74 euros. The world’s biggest chemical company said second-quarter earnings before interest, taxes and one-time items fell 5.4 percent to 1.83 billion euros ($2.41 billion). The average estimate of analysts in a Bloomberg survey had called for 1.99 billion euros.

ABB lost 3.1 percent 20.78 Swiss francs, its biggest retreat since April 17. The largest maker of power transformers posted second-quarter net income of $763 million that missed the $779-million average estimate of analysts surveyed by Bloomberg. Orders fell 7 percent.

Michelin slid 1.4 percent to 75.84 euros. Europe’s largest tiremaker reported a 13 percent decline in first-half profit as slumping auto markets in its home region sapped demand and sales of tires for earthmovers dropped. Operating profit excluding one-time items declined to 1.15 billion euros. The figure beat the 1.12 billion-euro average forecast.

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