Miners weigh on European shares, Commerzbank falls after results

martes 3 de mayo de 2016 03:17 GYT
 

LONDON May 3 (Reuters) - European shares fell on Tuesday, with Commerzbank leading the market lower after a profit slump, while mining stocks weakened as they tracked a decline in metals prices.

Commerzbank shares fell 6.4 percent after the German bank posted a 52 percent drop in first-quarter net profit, hit by volatile capital markets and the drag on earnings from low interest rates.

However, HSBC rose 2.9 percent after Europe's biggest bank reported a smaller than expected fall in its first-quarter profit.

On the sectoral front, the European mining index fell 2.4 percent after prices of major industrial metals fell following data showing activity in China's factories shrank for the 14th straight month in April as demand stagnated, forcing companies to shed jobs at a faster pace.

The pan-European FTSEurofirst 300 index was down 0.5 percent by 0715 GMT. However, Britain's FTSE was flat after a public holiday on Monday, with the FTSE propped up by the gains in HSBC. (Reporting by Atul Prakash; Editing by Sudip Kar-Gupta)