European stocks retreat on earnings and outlook (Bloomberg)  (30-04-2008)

April 30 (Bloomberg) -- After a positive start, European stocks retreated on earnings and outlook weakness, as the dollar lost ground again.

Europe's Stoxx 600 lost 0.5 percent to 319.22 at 11:15 p.m. in London, as SAP, plunged on a tumbling profit by 22% in the first quarter because of acquisition costs and a stronger euro and Alcatel-Lucent slumped as the phone equipment maker posted its fifth straight quarterly loss.

The reason behind analysts slashing European companies’ profit estimates, is the tumbling dollar, as they predict that earnings in the region will shrink for the first time in six years, according to data compiled by Bloomberg.

SourceBloomberg