European shares snap winning run as earnings disappoint
* FTSEurofirst 300 down 0.2 pct, Euro STOXX 50 down 0.3 pct
* Nestle weighs as it warns about slower EM demand
* BNP-Paribas down after profit drop
By Francesco Canepa
LONDON, Feb 13 (Reuters) - European stocks snapped a week-long winning streak on Thursday, weighed down by a batch of disappointing updates from blue-chip companies including Swiss food group Nestle and French bank BNP Paribas .
Shares in Nestle fell 1.4 percent after it said it may undershoot its long-term growth targets again this year due to weaker demand from emerging markets (EM) and price pressures in Europe.
French spirits group Pernod Ricard also warned about weak demand in China on Thursday as it cut its annual profit growth goal.
An MSCI basket of stocks with the highest proportion of sales from emerging countries has fallen by more than two percent this year, underperforming the broader market, as signs of a slowdown in China and capital flight from other emerging countries saw traders ditch assets linked to those regions.
"Our view is that there will be some further disappointment from companies exposed to emerging markets in the fourth quarter (2013). Difficult to assess, however, what is now included in share prices as this thematic is very well known" Yann Belvisi, a strategist at CM-CIC Securities in Paris said. Continuación...