European shares drop pulled down by financial, mining stocks

jueves 29 de octubre de 2015 07:23 GYT

(Adds quote, details)

* 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...