European shares extend losses, utilities slip

miércoles 12 de noviembre de 2014 09:37 GYT

LONDON Nov 12 (Reuters) - European shares extended losses in late trading on Wednesday, with utilities stocks falling the most after Italy's Enel lowered its debt-reduction target for 2014 and reported a slight drop in nine-month core earnings.

Investors were also digesting huge fines on global banks.

The utilities index fell 1.6 percent, led by a 5 percent drop in Enel shares.

Retailers were dragged down by Sainsbury's, which fell 4.2 percent after posting a statutory pretax loss of 290 million pounds for the six months to Sept. 27 and planned to cut dividend.

Analysts said there were concerns about European earnings.

"If you look at 2015 earnings estimates of Europe, they are down quite sharply over the last few weeks. And this shows that the underlying problems for the market are still very much intact," Gerhard Schwarz, head of equity strategy at Baader Bank in Munich, said.

At 1321 GMT, the FTSEurofirst 300 index of top European shares was down 1.1 percent at 1,344.42 points.

(Reporting by Atul Prakash)