Europe Markets: Philips, Siemens shares weigh on European markets

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LONDON (MarketWatch) — European stocks fell Tuesday, with shares of major industrial firms Royal Philips NV and Siemens AG among those pulling the regional market’s benchmark toward its first loss in nine sessions.

The Stoxx Europe 600 SXXP, -0.40%  lost 0.4% to 370.83, coming off Monday’s close at a fresh seven-year high, as investors took in their stride the widely expected victory for anti-austerity Syriza in Greece’s general election.

On the country benchmarks, Germany’s DAX DAX, -0.45%  fell 0.5% to 10,741.02, after closing a record high on Monday. France’s CAC 40 PX1, -0.46%  shed 0.4% to 4,654.94, and the U.K.’s FTSE 100 UKX, -0.25%  gave up 0.1% to 6,844.73.

Focus turned to a raft of financial results. Royal Philips PHIA, +0.04%  fell 4.5%, trading near the bottom of the Stoxx 600, as the Dutch electronics maker warned that it may not hit its financial targets for 2016. The warning comes as the company grapples with operational setbacks in its health care division. Also, fourth-quarter profit at Philips sank 67%.

Siemens SIE, -3.40%  shares were dragged 3.9% lower after the German engineering heavyweight said weakening in the European economy and the drop in oil prices left its fiscal first-quarter profit down nearly 25% at 1.08 billion euros ($ 1.21 billion). Earnings from continuing operations fell 18% to €1.11 billion, missing expectations of €1.26 billion by analysts polled by The Wall Street Journal.

Also lower, retailer Dixons Carphone PLC DC., -4.63% lost 4.6% following a downgrade to underweight from equalweight at Morgan Stanley.

But among advancers was EasyJet PLC EZJ, +3.42% Shares gained 3.6% after the budget airline raised its revenue forecast and reported first-quarter sales growth that beat expectations.

Shares of Novartis AG NOVN, +1.49%  were up 1.8% after the Swiss drug maker said it expects business to gain momentum even as its posted a decline in fourth-quarter profit.

Meanwhile, Greece’s Athex Composite GD, -3.77%  fell 1.5%, extending losses from Monday following the general election. – Top Stories

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