European shares weaken as EDF and bank stocks fall

lunes 7 de marzo de 2016 10:06 GYT

* EDF down after CFO quits

* JP Morgan cuts equities to underweight

* Old Mutual boosted by break-up talk

By Danilo Masoni

MILAN, March 7 (Reuters) - European shares fell on Monday, led lower by a slump in utility EDF after a senior executive quit, and by weaker bank stocks which were impacted by some broker price target cuts.

European stocks have rallied recently after a rocky start to 2016, as oil prices recovered and fears over a U.S. economic slowdown abated. Nevertheless, the pan-European FTSEurofirst 300 index remains down around 7 percent so far in 2016.

JP Morgan Cazenove reduced its rating on equities to "underweight" for the first time since 2007, saying the recent market rebound was set to peter out.

The FTSEurofirst, which had risen to one-month highs on Friday after three straight weeks of gains, was down 1 percent going into the close of the trading session.

EDF fell 7.2 percent, after Finance Director Thomas Piquemal resigned. The French group did not say why he quit but a source familiar with the matter said it concerned EDF's plan to build two nuclear reactors in Hinkley Point, in Britain.   Continuación...