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European shares fell for a third straight session on Wednesday, dragged lower by expectations of weak corporate earnings in the region after a subdued start to the U.S. reporting season. Merger and acquisition news provided one of the main drivers of the day when EADS and BAE Systems called off the world’s largest defense and aviation merger, sending EADS shares up and BAE down. Shares in Bang & Olufsen fell 3.8 percent in volume nearly four times their daily average as the Danish stereo and television maker recorded a much wider than expected quarterly loss due to weakening demand for luxury goods. It added to investor concerns after U.S. bellwether aluminium maker Alcoa cut its demand forecasts and oil major Chevron Corp issued a profit warning. SOURCE: Reuters.

European shares fell for a third straight session on Wednesday, dragged lower by expectations of weak corporate earnings in the region after a subdued start to the U.S. reporting season.

Merger and acquisition news provided one of the main drivers of the day when EADS and BAE Systems called off the world’s largest defense and aviation merger, sending EADS shares up and BAE down.

Shares in Bang & Olufsen fell 3.8 percent in volume nearly four times their daily average as the Danish stereo and television maker recorded a much wider than expected quarterly loss due to weakening demand for luxury goods.

It added to investor concerns after U.S. bellwether aluminium maker Alcoa cut its demand forecasts and oil major Chevron Corp issued a profit warning.

SOURCE: Reuters.