European shares slip; Areva sinks after suspending targets

miércoles 19 de noviembre de 2014 05:24 GYT

* FTSEurofirst 300 down 0.3 percent, dragged by miners

* Areva tumbles 19 pct after suspending targets

* Miners hurt by further drop in iron ore prices

By Blaise Robinson

PARIS, Nov 19 (Reuters) - European shares inched lower in early trade on Wednesday after a sharp fall in iron ore prices pummeled mining stocks and French nuclear group Areva also took a big hit.

Shares in Areva tumbled 19 percent after it suspended its 2015 and 2016 financial targets, blaming delays in a Finnish atomic project, the slow restart of Japan's reactors and a lacklustre nuclear market.

"Another profit warning," a Paris-based trader said. "There's a complete lack of visibility following this announcement."

At 0858 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,356.46 points.

Rio Tinto fell 1.7 percent and BHP Billiton shed 1.6 percent after China's iron ore futures dropped nearly 5 percent to a record low on Wednesday, piling more pressure on spot prices which have slumped to their weakest in more than five years, hurt by a supply glut.   Continuación...