Europe Stocks Fall Due to Weak Results

European stocks fell on Tuesday after weak results from and Bayer took the shine off a jump in growth-linked cyclical stocks, while investors await signs of progress regarding a new US fiscal stimulus.

Diaggio, the world’s largest wine producer, fell 5.9% after it announced a larger-than-expected drop in core net sales in light of declining demand for its whiskey, vodka and gin products in all markets except North America.

Energy giant BP jumped 5.8% after it cut dividends, in a widely expected move and announced a record loss of $ 6.7 billion in Q2 amid the demand for fuel affected by the Coronavirus crisis.

Oil and gas companies led the gains, up 2.1%, while auto, banking, entertainment and travel makers advanced between 1.5% and 2%.

By 0727 GMT, the European Stoxx 600 index was 0.2% down, Eurozone blue-chip stocks .STOXX50E gained 0.5%.

The German Bayer drugs and pesticides group fell 3% after it announced a net loss of 9.5 billion euros ($ 11.2 billion) in Q2, after a $ 10.9 billion settlement to US lawsuits over allegations that its weed killer product Rondab is causing cancer.