Europe stocks fall; BMW hits autos, Elan sinks

European shares were down in early trade on Friday, tracking hefty losses in global equities and weighed down further by a profit warning from carmaker BMW and a 55-percent tumble in Irish drugmaker Elan.
By 0713 GMT, the FTSEurofirst 300 index of top European shares fell 0.7% to 1,171.58.
Carmakers were among the biggest losers in early deals after BMW followed in rival Daimler's footsteps and issued a profit warning, saying it would not reach its 2008 targets due to a significant deterioration in business conditions.
The DJStoxx European Automotive index fell 3.5%, with BMW sliding 10.2%, Daimler falling 3% and Porsche shedding 4.3%.
"It doesn't really surprise me since the euro is so strong. The carmakers are all in the same boat here as they can't export," said Mic Mills, a risk trader at TradIndex. A strong euro makes exports out of Europe uncompetitive.
Meanwhile, Irish drugmaker Elan plummeted more than 55% after it notified regulators of two new cases of potentially deadly brain disease in multiple sclerosis patients being treated with its Tysabri drug.