European shares give up gains, pulled down by financial, mining stocks

jueves 29 de octubre de 2015 06:04 GYT

* Pan-European FTSEurofirst 300 index down 0.3 pct

* Deutsche Bank, Barclays fall after updates

* Nokia surges after strong results

By Atul Prakash

LONDON, Oct 29 (Reuters) - European shares surrendered early gains on Thursday after disappointing updates from companies like Deutsche Bank, Saint-Gobain and Barclays and a sharp drop in mining shares.

Deutsche Bank slipped 6 percent after scrapping its dividend. Barclays was down 5.5 percent following a 10-percent drop in quarterly profits. Saint-Gobain fell 6 percent after saying its results were hit by a contraction in France.

"Deutsche Bank is cutting its dividend, and the story for the banking sector as a whole is that they are going to struggle to get back to their earlier levels of profitability, given the amount of regulation going on," said Clairinvest fund manager Ion-Marc Valahu.

The pan-European FTSEurofirst 300 index was down 0.3 percent at 1,480.12 points by 0939 GMT after rising to a high of 1,490.81 points earlier in the session.

European equities turned lower after metals prices extended losses following a rally in the dollar on the prospect of a U.S. rate increase. That would make commodities more expensive for holders of other currencies.   Continuación...