European shares hit 3-week low, earnings disappoint

jueves 31 de julio de 2014 11:09 GYT

* FTSEurofirst 300 index falls 1.4 pct

* Adidas, Banco Espirito Santo shares slump

* Worries about U.S. monetary policy hit sentiment

By Atul Prakash

LONDON, July 31 (Reuters) - Europe's FTSEurofirst 300 share index hit a three-week low on Thursday, led lower by Adidas after the group warned about business in Russia.

Argentina's default and concerns of an early U.S. rate hike also rattled investors.

The broader market was dragged down by sharp declines in some individual stocks following the announcement of their earnings. The broader market sell-off accelerated in the afternoon after the U.S. market opened lower and extended losses later in the session

German sportswear firm Adidas fell 15.2 percent, the top decliner on the FTSEurofirst 300 index, Portugal's Banco Espirito Santo sank nearly 50 percent at one point to a record low after booking a 3.6 billion euro first-half loss and disappointing earnings at Spanish healthcare firm Grifols sent its shares down 11.2 percent.

BES, down 37 percent, pushed Portugal's benchmark PSI 20 index 3.4 percent lower to underperform the wider market, while Adidas dragged Germany's DAX 2 percent down after saying it will scale back plans to expand in Russia and overhaul its golf business.   Continuación...