Earnings angst knocks European shares, China fears hit miners

miércoles 12 de marzo de 2014 05:15 GYT
 

* FTSEurofirst 300 falls 0.7 percent

* Tod's weighs on luxury sector after earnings

* Possibility of pick-up in China defaults could slow growth

By Alistair Smout

LONDON, March 12 (Reuters) - European shares fell on Wednesday, weighed down by below-forecast earnings reports and fears of more corporate defaults in China as a persistent decline in the copper price hit the mining sector.

The STOXX Europe 600 personal and household goods sector fell 1.5 percent, to be the top sectoral decliner, led lower by a 4.2 percent drop in Tod's after the Italian luxury shoemaker posted a drop in 2013 profit and said it was cautious about prospects for 2014.

Fellow luxury goods firm Swatch fell 1.2 percent and, in the same sector, tobacco firm British American Tobacco , was one of several UK-listed stocks to trade without entitlement to its latest dividend payout, hitting its shares.

The basic resources sector was also a heavy faller, down 1.2 percent after Shanghai copper fell by its five percent daily limit.

London copper hit a 44-month low on growing concerns over credit-linked defaults in China, the world's top consumer of the metal where copper is often put up as collateral for lending.   Continuación...