European shares lower led by H&M drops, cost plan lifts Telecom Italia

lunes 16 de mayo de 2016 04:07 GYT
 

* FTSEurofirst 300 down 0.7 percent

* H&M drops as sales disappoint

* All sectors lower except miners, oil

* Telecom Italia, Lonmin as cost plans please (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). Adds details, updates prices)

By Danilo Masoni

MILAN, May 16 (Reuters) - European shares were lower on Monday with Hennes & Mauritz among the main losers after disappointing sales growth figures, while Telecom Italia shone after lifting its cost cutting goal.

By 0746 GMT, the pan-European FTSEurofirst 300 index was down 0.66 percent. Volumes were likely to remain with the German market closed for a public holiday.

The FTSEurofirst is down by around 9 percent so far in 2016, with global stock markets affected by concerns about weakness in China, the world's second-biggest economy.

Doubts about whether China's economy is stabilising resurfaced over the weekend when data showed investment, factory output and retail sales in the country all grew more slowly than expected in April.   Continuación...