U.S. tech rout, earnings drag down European shares

miércoles 7 de mayo de 2014 04:11 GYT
 

* FTSEurofirst 300, Euro STOXX 50 both down 0.1 pct

* Selloff in U.S. tech stocks unsettle investors

* Results from SocGen, Carlsberg show Ukraine crisis has started to hit

By Francesco Canepa

LONDON, May 7 (Reuters) - European stocks edged lower on Wednesday, as a selloff on Wall Street unsettled investors and results from brewer Carlsberg and bank Societe Generale showed the Ukraine crisis was starting to hurt large western companies.

Shares in France's No. 2 listed bank fell as much as 2.3 percent as it booked a 525 million euro ($731 million) writedown on the value of its Russian unit Rosbank, blaming heightened uncertainty and a decline in the rouble.

Danish brewer Carlsberg, one of Europe's blue-chips with the highest exposure to Russia, was also in the red as it lowered its net profit outlook after reporting a weaker-than-expected first quarter, capped by a weak rouble and declining sales in Eastern Europe.

"Overall these warnings had to be expected and there will likely to be more of them," Markus Huber, a senior sales trader at Peregrine & Black, said.

"It will be important to see if other sectors will start warning too, especially car manufacturers for whom Russia is a very important market."   Continuación...