European shares slip, Vodafone drops after results

martes 20 de mayo de 2014 05:05 GYT

* FTSEurofirst 300 down 0.15 pct

* Vodafone falls after results

* Credit Suisse up after tax settlement

By Atul Prakash

LONDON, May 20 (Reuters) - The pan-European FTSEurofirst 300 index slipped on Tuesday as Vodafone, the world's second-largest mobile network operator, sank after reporting huge impairment costs.

Vodafone fell 3.8 percent, making it the biggest faller on the FTSEurofirst 300, after it recorded 6.6 billion pounds ($11 billion) in impairments due to fierce competition and regulatory changes in Europe.

"The writedowns across several European regions are further proof of the challenges the company is facing, with underlying profit continuing to move in the wrong direction," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers.

At 0854 GMT, the FTSEurofirst 300 index, which last week hit a six-year high of 1,372.81, was down 0.15 percent at 1,356.86 points.

Bucking the fall, Credit Suisse advanced 2.7 percent after agreeing to pay a $2.5 billion fine to U.S. authorities for helping Americans evade taxes. Some analysts said it was a relief for investors that the issue was settled.   Continuación...