Miners, banks drag European shares to three-week low

martes 3 de mayo de 2016 04:45 GYT
 

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* FTSEurofirst 300 index falls 1.3 percent

* Miners and banks among top decliners

* Commerzbank sharply down after profit slump

By Atul Prakash

LONDON, May 3 (Reuters) - European shares slipped to a three-week low on Tuesday, with Commerzbank leading decliners after a slump in profits and miners tracking lower metals prices following weak factory data from China.

Germany's Commerzbank fell 6.8 percent, the top decliner in the pan-European FTSEurofirst 300 index, after posting a 52 percent drop in first-quarter net profit, hit by volatile capital markets and low interest rates.

Europe's biggest bank HSBC, which initially gained after reported a smaller than expected fall in its first-quarter profit, then dropped in line with a broader sell-off.

The STOXX Europe banking index fell 1.8 percent, while the Basic Resources index was down 3.7 percent after prices of major industrial metals fell following data on Tuesday showing activity in China's factories shrank for the 14th straight month in April.   Continuación...