Worse-than-estimated earnings from companies including Roche Holding AG and Hennes & Mauritz AB dragged European stocks lower.

Roche slid 3.8 percent, leading drugmakers lower. H&M dropped 4.8 percent after also warning a stronger dollar will continue to weigh on first-quarter profit. Stocks have moved more in step with with crude prices lately, and Europe’s benchmark deepened losses after energy shares pared some gains.

The Stoxx Europe 600 Index dropped 1.6 percent at the close. It swung between gains and losses at least six times, falling as much as 2.2 percent and rising as much as 0.3 percent. Worries about global growth amid a rout in oil prices and a slowdown in China have sent the Stoxx 600 down 8.5 percent this month, putting it on track for the worst January since 2008.

Volatility has been on the rise, with the VStoxx Index of euro-area market stress heading for its biggest monthly gain since August. The volume of futures traded shows investors are betting the swings will only get worse.

Among other stocks moving on corporate results, First Group Plc slid 12 percent after lowering its forecast for full-year operating profit. Tele2 AB slumped 11 percent after the Swedish wireless carrier predicted earnings that missed analysts’ estimates.

Source: Bloomberg