European shares drop pulled down by financial, mining stocks
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* Pan-European FTSEurofirst 300 index down 0.2 pct
* Deutsche Bank, Barclays fall after updates
* Nokia surges after strong results
* Telecom Italia rallies on report of stake purchase
By Atul Prakash and Danilo Masoni
LONDON/MILAN, Oct 29 (Reuters) - European shares fell on Thursday, after disappointing updates from companies like Deutsche Bank, Saint-Gobain and Barclays and a sharp drop in mining shares.
Deutsche Bank slipped 4.8 percent after scrapping its dividend. Barclays was down 5.2 percent following a 10-percent drop in quarterly profits. Saint-Gobain fell 5.4 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. Continuación...