European shares dip on geopolitical worries; airlines hit

lunes 16 de junio de 2014 07:12 GYT

* FTSEurofirst 300 down 0.3 pct, Euro STOXX 50 down 0.5 pct

* Violence from Iraq to Kenya fuels profit taking

* Airlines, cruise operators among worst hit as oil surges

* Actelion jumps 14 pct on positive results for Selexipag

By Francesco Canepa

LONDON, June 16 (Reuters) - European stocks slipped on Monday, adding to last week's retreat as mounting violence from Iraq to Kenya pummelled travel shares and prompted investors to cash in on recent gains.

Airlines and cruise operators such as Carnival and Ryanair both fell more than 1 percent as Brent crude rose to near $113 per barrel on concerns over disruptions to oil exports from Iraq, the second-largest OPEC producer.

On Sunday, Sunni insurgents solidified their grip on northern Iraq after a lightning offensive that threatens to split the country.

While airlines tend to lock in prices for their immediate fuel needs using financial derivatives, known as hedges, higher oil prices in the coming months would affect their profit from next year.   Continuación...