Miners, banks drag European shares to three-week low

martes 3 de mayo de 2016 06:40 GYT
 

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* FTSEurofirst 300 index falls 1.6 percent

* Miners and banks among top decliners

* Commerzbank sharply down after profit slump

By Atul Prakash and Danilo Masoni

LONDON/MILAN, May 3 (Reuters) - European shares fell to three-week lows 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 9 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.

"The numbers for the first quarter did not come in well ... however external factors that have also hit other banks hard appear to be the main reason for that," said Landesbank Baden-Wuerttemberg analyst Ingo Frommen in a note.

Traders said media reports about Commerzbank's role in a tax-evasion scheme also weighed. Commerzbank said in a statement its internal systems made sure that all trades were consistent with German law.   Continuación...