By Sruthi Shankar
(Reuters) – European shares fell for a third straight session on Wednesday, as losses in healthcare and construction stocks countered a lift from encouraging earnings from consumer giant Nestle and telecoms equipment maker Ericsson.
The pan-European STOXX 600 <.stoxx> fell 1.0%, in sharp contrast to Asian markets and Wall Street futures that steadied on hopes of a fresh U.S. stimulus package.
Most European sectors slipped, with healthcare stocks <.sxdp> proving the biggest drag, while banking stocks <.sx7p> were supported by rising U.S. and European government bond yields.
Nestle lifted its 2020 sales forecast following a quarterly beat, but shares inched lower after early gains. Sweden’s Ericsson jumped 5.5% as higher margins and China’s 5G rollout helped the company beat quarterly core earnings estimates.
“Earnings have been generally well above expectations, and guidance has