European shares end at three-week low, led down by miners, banks

martes 3 de mayo de 2016 13:11 GYT
 

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details) Updates prices)

* FTSEurofirst 300 index falls 1.7 percent

* Mining companies, banks lead declines

* Commerzbank sharply down after profit slump

By Atul Prakash and Danilo Masoni

LONDON/MILAN, May 3 (Reuters) - European shares fell to a three-week low on Tuesday, with Commerzbank leading the decline after a slump in profits and mining stocks falling along with metals prices.

Germany's Commerzbank fell 9.6 percent 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 on the stock. Commerzbank said its internal systems made sure that all trades were consistent with German law.   Continuación...