Weak bank results lead European stocks lower

martes 3 de noviembre de 2015 08:45 GYT

* FTSEurofirst 300 down 0.2 percent

* StanChart and UBS shares slump after results

* Shell and BG shares rise

* VW falls as emissions scandal widens (Recasts, adds quote)

By Sudip Kar-Gupta

LONDON, Nov 3 (Reuters) - European shares edged lower on Tuesday, with banks falling after weak earnings from Standard Chartered and UBS dampened sentiment in the sector.

Standard Chartered slid 9 percent after it announced plans to raise $5.1 billion in new capital through a rights issue and cut 15,000 jobs by 2018 as new Chief Executive Bill Winters tries to restore profitability at the bank, which has been hit by a slowdown in emerging markets.

Analysts at Investec described the loss as "awful", given that consensus estimates were for a 903 million pound profit.

"As we feared, the worst aspect... is a broad-based collapse in revenues," analysts at Investec said in a note. "Standard Chartered has already been the worst performing FTSE 100 bank in 2015 year-to-date, but we expect it to see further significant underperformance in the aftermath of today's Q3 2015 results."   Continuación...