European shares retreat as miners, Volkswagen slump

martes 22 de septiembre de 2015 04:31 GYT

* FTSEurofirst 300 index down 1.6 pct

* Miners top fallers as metals prices plunge

* Volkswagen falls further as probe spreads

By Atul Prakash

LONDON, Sept 22 (Reuters) - European equities retreated on Tuesday after strong gains in the previous session, with basic resources companies facing a heavy sell-off after copper prices fell sharply on concerns about a global surplus of the industrial metal.

Shares in Volkswagen fell more than 5 percent, after slumping nearly 19 percent in the previous session, after an invesigation into possible cheating over emissions tests spread to Asia.

The STOXX Europe 600 Basic Resources index dropped 4 percent, the top sectoral faller, dragged down by a 3.8 to 9.6 percent fall in Rio Tinto, BHP Billiton, Glencore, Anglo American and Antofagasta .

"It's a continuation of the negative trend for basic resources companies as we have a high degree of uncertainty regarding emerging market economies. We have seen some negative earnings revisions for the sector in the past weeks," Christian Stocker, equity strategist at UniCredit in Munich, said.

"If China manufacturing numbers come in better than expected tomorrow, we could see a rebound in mining stocks for some days, but the sector's medium-term outlook remains bearish."   Continuación...