European shares set for weekly drop after China devalues yuan

viernes 14 de agosto de 2015 09:55 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 remained on course for their worst week in more than a month following China's currency devaluation.

RWE fell 1.7 percent after Natixis and UBS cut their price targets on RWE shares, but payment services company Ingenico rose 5.5 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 more than 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...