* STOXX, DAX at December 2016 levels
* Italy stocks fall after EU rejects budget
* AMS, Atos drag tech sector down
* Earnings fail to offset political worries
(Adds details, closing prices)
By Julien Ponthus and Danilo Masoni
LONDON/MILAN, Oct 23 (Reuters) - European shares fell sharply on Tuesday as disappointing company results, particularly in the tech sector and a mix of political worries including Italy's budget woes piled pressure on markets.
The pan-European STOXX 600 STOXX benchmark index fell for its fifth straight day, ending down 1.6 percent at its lowest level since December 2016, while Germany's DAX .GDAXI lost 2.2 percent, also at December 2016 lows.
Italy's FTSE MIB .FTMIB dropped 0.9 percent to February 2017 lows after the European Commission rejected the country's draft budget and asked Rome to submit a new one within three weeks. euro zone found no way to staunch its bleeding as Tuesday went on; in fact, with the European Commission confirming it was rejecting Italy's budget the region's wounds only deepened," said Spreadex analyst Connor Campbell.
AMS disappointed investors with its fourth quarter forecast, knocking 26 percent off the value of its shares despite the Austrian firm winning deals with other smartphone makers. cut its revenue growth forecast for 2018 on Tuesday, citing disappointing results in Germany and North America and global economic uncertainty. Its shares fell 22 percent losing were Sweden's Saab SAABb.ST , which announced a rights issue, and Finnish ship technology and power plant maker Wartsila WRT1V.HE , after a lower-than-expected quarterly profit. Their shares fell 15 and 7 percent respectively.
Among heavy weights, Germany's Bayer BAYGn.DE dropped 9.5 percent after a U.S. judge affirmed a verdict against its Monsanto (NYSE: MON ) unit that found Monsanto's glysophate-based weed-killers caused a man's terminal cancer.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.