European shares reveal the worries about the energy producers who have suffered from declines in oil prices. Companies as Bayer AG and Vinci SA reported disappointing earnings. Bayer retreated 2.9 percent after reporting a slide in profits. Vinci lost 1.7 percent as its revenue fell. Also, the energy producers - BP Plc and Royal Dutch Shell Plc slipped with oil.
“These losses of the companies worsened in the Stoxx Europe 600 Index. The investors didn’t see new fundamental reasons for a rally in the third quarter. European shares are still down 6.9 percent this year”, said Marius Ghisea, CEO and president of MS Capital Consulting.
In the next days, European shares may continue to fall. For example, according to the 1 hour chart, German Dax Index is into a downtrend for short term. Dax index may reach 0.50 Fibo (10500).