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European stocks hit by risk aversion ahead of earnings

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 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, banking and chemical 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 slipped 2.3% despite reporting a sales growth of 7.7% in the first nine months of the year.

Freight forwarder DSV 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.

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