European shares hit one-week low, commodity stocks slump
* FTSEurofirst 300 index ends 0.9 pct lower
* Commodity stocks feature among top losers
* Aggreko, SES issue profit warnings
By Atul Prakash
LONDON, July 24 (Reuters) - European shares fell to a new one-week low on Friday, with companies such as satellite operator SES slumping after a disappointing update and commodity shares tracking a sharp decline in metals and oil prices.
SES shares fell 6.6 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 percent and 1.3 percent respectively after copper prices tumbled to a six-year low on worries about Chinese demand, while 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...