European shares slip as banks, retailers retreat
* FTSEurofirst 300 index down 0.7 percent
* HSBC, RBS, UBS, Barclays in focus after forex probe fines
* J. Sainsbury leads retailers down after update
By Atul Prakash and Blaise Robinson
LONDON/PARIS, Nov 12 (Reuters) - European shares fell on Wednesday, with financials hit after global regulators fined five banks for failings in currency trading, while supermarket chain J. Sainsbury dropped after announcing plans to cut prices.
Sainsbury's fell 5.5 percent after saying it aimed to cut spending heavily, rein in its property expansion and find more efficiencies to pay for lower prices.
"The majority of the key metrics reported remain in negative territory," Richard Hunter, analyst at Hargreaves Lansdown, said. "The rise of the discounters continues as they edge their way into consumer consciousness and Sainsbury's declaration of 'investment' in price cuts will inevitably eat into revenues."
The Sainsbury report dampened sentiment towards other retailers, with rival Tesco down 2.7 percent and Marks & Spencer dropping 0.7 percent.
The European retail index fell 1.1 percent. Continuación...