European shares set for weekly drop after China devalues yuan

viernes 14 de agosto de 2015 06:36 GYT

* FTSEurofirst 300 on track for weekly loss

* RWE declines after brokers' price target cuts

* Ingenico rises on entry to MSCI World Index

By Sudip Kar-Gupta

LONDON, Aug 14 (Reuters) - European stocks slipped lower on Friday, with utility RWE underperforming after broker downgrades, and they remained on course for a weekly loss following China's currency devaluation.

RWE fell 1 percent after Natixis and UBS cut their price targets on RWE shares, but payment services company Ingenico rose 5.4 percent after gaining entry to the MSCI World Index - a key benchmark for many investors.

The euro zone's blue-chip Euro STOXX 50 index fell 0.4 percent. The broader pan-European FTSEurofirst 300 index was flat and remained down by around 3 percent over the course of the week.

The FTSEurofirst was also on course for its worst week in a month, after China's devaluation of the yuan on Aug. 11 hit world stock markets.

"It was quite a shock what the Chinese did - there was no pre-warning. As the dust is still settling, the market is pausing here," said Markus Huber, senior sales trader at Peregrine & Black.   Continuación...