Commodities weigh on European stocks; new CEO boosts Credit Suisse

martes 10 de marzo de 2015 13:54 GYT
 

* FTSEurofirst 300 ends 1 pct down, off Friday's 7-year high

* Oil and mining stocks fall sharply, track commodity prices

* Credit Suisse surges after naming new CEO

By Atul Prakash

LONDON, March 10 (Reuters) - European shares slipped further on Tuesday from a seven-year high after sharply weaker oil and metals prices pulled down commodities stocks, although Credit Suisse rallied after naming a new chief executive.

The Swiss lender's shares rose 7.8 percent after saying it had hired Prudential head Tidjane Thiam as the first African to lead a global investment bank, with the job of reviving a company reeling from U.S. penalties and under increasing regulatory scrutiny. Prudential fell 3.1 percent.

"Credit Suisse has had different issues throughout the years and someone with a diverse background could look at its strategy with a fresh pair of eyes," said Sally Yim, vice president at Moody's Investors Service.

However, the FTSEurofirst 300 index of top European shares ended 1 percent lower at 1,551.85 points after hitting a seven-year high of 1,579.93 points on Friday.

Weaker energy and mining sectors dragged down the broader stock market. The STOXX Europe 600 Oil and Gas index fell 3.5 percent, the top sectoral decliner, while the European basic resources index fell 2.2 percent after a drop of 1.0 to 2.6 percent in crude oil and key metals prices.   Continuación...