Yahoo Finance Cyclical reversal dents European shares
LONDON, Jan 30 (Reuters) - European shares fell back on Tuesday as global markets took a risk-averse turn, with cyclical sectors including mining and financials suffering the sharpest losses.
Europe's STOXX 600 dropped 0.6 percent at the open before easing slightly to trade down 0.4 percent, in line with euro zone blue-chips and Germany's DAX.
The falls followed weaker trading sessions in Asia and Wall Street, triggered partly by a slide in Apple shares.
The cyclical sectors leading the charge year-to-date were the worst hit as investors took profits after a strong run.
Mining and financial stocks were the biggest weight, with almost all sectors in the red.
Basic resources stocks sank 1.4 percent, the biggest sectoral fallers as metals prices tumbled, dented by the strengthening dollar. Anglo American was among the worst-performing.
Banks ING, HSBC, and insurers AXA and Prudential were the biggest laggards among financials. Europe's banks index fell 0.8 percent while financial services stocks dropped 0.7 percent.
Tech stocks meanwhile outperformed the market, gaining 0.2 percent.
Results drove trading, with investors rewarding Swatch and Alfa Laval while Loomis and Philips disappointed.
Loomis was bottom of the STOXX, down 8.2 percent after the Swedish support services firm reported fourth-quarter profit missed forecasts.
Swatch was among the top gainers on the index after impressive results. The Swiss watchmaker's profit rose 28 percent in 2017, and it said it expected 'very positive' growth in 2018.
Swedish engineering group Alfa Laval gained 3 percent after its fourth quarter order intake far exceeded market forecasts.
Wind turbine maker Siemens Gamesa gained 5 percent after its first-quarter results.
Medical technology firm Philips fell back 2 percent, with traders pointing to the firm missing fourth-quarter earnings and revenue expectations.
M&A also drove trading with shares in British conference organiser UBM rising 3 percent after Informa sealed its 3.8 billion pound ($5.3 billion) takeover of the firm. (Reporting by Helen Reid, Editing by Kit Rees)
