European shares hit 2-week low as China woes overshadow earnings
* Pan-European FTSEurofirst 300 down 1.2 pct
* Valeo sinks 3.7 pct despite guidance upgrade
* Ifo indicator slightly ahead of forecasts
* Mining-sector rebound supports UK stocks
* JPMorgan stays overweight Europe equities
By Lionel Laurent and Atul Prakash
LONDON, July 27 (Reuters) - European equities began the week on a downbeat note, hitting a two-week low and heading for their fifth straight daily fall as worries over China's growth prospects overshadowed some forecast-beating corporate results.
A slightly better-than-expected July reading from the German IFO business climate index helped ease some of the sell-off. But market tremors rippled through the region after Chinese stocks suffered their biggest one-day loss in eight years and broader Asian markets retreated by more than 1 percent.
The FTSEurofirst 300 index was down 1.2 percent at 1,546.01 points by 1038 GMT after falling to 1,540.51, the lowest since July 10. Continuación...