European equities are down sharply for this reason

European stocks fell sharply on Tuesday as the gloomy forecasts of German giants Bayer and Lufthansa weighed on investor sentiment, while the decline in the pound allowed the benchmark in London to perform better for the second quarter. day.

The German Bayer lost 4.4%, becoming the last farm supply company affected by the sinking of farms in the United States as a result of floods and trade disputes, and said that "we are losing our business. it was becoming increasingly difficult to reach its profit target throughout the year.

The German airline Lufthansa lost 3.5% after a fall in profits in the second quarter and said that the European market would remain very difficult this year.

German consumer confidence has fallen for the third consecutive month as August approaches, trade disputes and a global economic downturn have affected Europe's biggest exporter.

The German DAX lost 0.2% at 07:13 GMT, while the European index STOXX 600 lost 0.2%.

The British FTSE 100 reached its highest level in 11 months, supported by a 3% jump from the BP energy giant.