European shares steady; weaker oil hits energy sector

jueves 13 de noviembre de 2014 11:02 GYT

* FTSEurofirst 300 up 0.1 pct following Wednesday's sell-off

* Brent drops through "pain threshold" of $80 a barrel

* Earnings season strong but lack of revenue growth nags

By Blaise Robinson

PARIS, Nov 13 (Reuters) - European stocks were steady on Thursday afternoon, taking a breather following the previous session's sell-off, although energy shares sank along with Brent crude prices.

Brent futures tumbled nearly 2 percent to below $79 a barrel, hitting a four-year low, dragged down in part by data showing China's economy further losing momentum in October.

Total was down 1.4 percent and BP down 0.9 percent, while oil services firms Seadrill and Saipem both dropped 4.1 percent.

"$80 per barrel is the pain threshold," said Alexandre Baradez, chief market analyst at IG France.

"Below that, a lot of the oil majors' projects are not profitable and a lot of oil-producing countries start to have serious budget issues. It's also a problem for the euro zone because it drags down inflation."   Continuación...