European shares hit one-week low, commodity stocks slump
* FTSEurofirst 300 index down 1 percent
* Commodity stocks feature among top losers
* Aggreko, SES issue profit warnings
By Atul Prakash and Alistair Smout
LONDON, July 24 (Reuters) - European shares fell to a new one-week low on Friday, with companies like satellite operator SES slumping after a disappointing update and commodity shares tracking a sharp decline in mining and oil prices.
SES shares fell 6.8 percent, the biggest decliner in the blue-chip FTSEurofirst 300 index, after cutting its full-year revenue and profit guidance following a delayed satellite launch and a decline in earnings from fixed data customers due to the strong dollar.
The European basic resources and energy sectors fell 3.3 percent and 1.4 percent respectively after copper prices tumbled to a six-year low on worries about Chinese demand, and oil neared four-month lows after data showed a contraction in China's factory sector.
"The consensus view does appear to now be for a slowdown in China, and this will subdue demand for the metals group in general," said Juliet Cohn, portfolio manager at Principal Global Equities, which manages more than $330 billion.
"We are currently finding companies with greater upside to estimates elsewhere in the market." Continuación...