European shares down, Brazil-exposed stocks under pressure

jueves 10 de septiembre de 2015 12:58 GYT

* Pan-European FTSEurofirst 300 index falls 1.4 pct

* Brazil-focused stocks down as S&P cuts country rating

* Next advances after reporting rise in profits (Adds closing prices)

By Atul Prakash and Alistair Smout

LONDON, Sept 10 (Reuters) - European shares retreated on Thursday as companies exposed to Brazil came under selling pressure after Standard & Poor's downgraded the country's credit rating to "junk".

French retailer Casino Guichard, which got about half its 2014 revenue from Latin America, fell 6.2 percent. Edenred generates around half its profit from Brazil; it fell 4.8 percent. Supermarket Carrefour, which gets 14 percent of its annual sales from Brazil, fell 3.3 percent.

Other companies that have a significant presence in the country, such as Seadrill, Banco Santander, Anheuser-Busch InBev, British American Tobacco , Galp Energia and Unilever, slid 0.9 to 8 percent.

"Companies which are heavily exposed to Brazil are clearly not good plays as the resource-dependent economy is contracting and the much-needed investments are likely to get pushed back. All these issues make Brazil a less attractive place to do business," Peter Dixon of Commerzbank said.

"If you are exposed to emerging markets, you have to try to find other markets that are doing better."   Continuación...