European shares fall; Vallourec sinks after warning
* FTSEurofirst 300 down 0.6 pct after bullish Fed
* Vallourec warns of 1-1.2 bln euro impairment, shares fall 6 pct
* Raiffeisen recovers after it reassures on capital structure
By Blaise Robinson
PARIS, Jan 29 (Reuters) - European stocks fell in early trading on Thursday after the U.S. Federal Reserve took an upbeat view on the U.S. economy and signalled that it remains firmly on track to raise interest rates this year.
Vallourec featured among the top losers, falling 6 percent after the steel pipes maker warned of an impairment charge of 1.0-1.2 billion euros on the value of its assets, blaming turmoil in the oil market.
"It will translate into a big net loss in 2014 and will deteriorate Vallourec's gearing. Also, Vallourec has not impaired anything in the U.S., whereas market conditions (there) are deteriorating rapidly as well," a Paris-based trader said.
Royal Dutch Shell fell 4.2 percent after the oil major said it will cut spending by $15 billion over the next three years.
Bucking the trend, shares in Austrian lender Raiffeisen Bank International gained 11 percent, bouncing from recent sharp losses, after the bank said it is planning to extend its capital buffer with a reduction of risk-weighted assets (RWA) of at least 20 per cent, which will also affect its Russian business. Continuación...