Weak bank results lead European stocks lower
* FTSEurofirst 300 down 0.1 percent
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By Sudip Kar-Gupta and Alistair Smout
LONDON, Nov 3 (Reuters) - European shares edged lower on Tuesday, with weak earnings from Standard Chartered and UBS dampening sentiment in the banking sector.
Standard Chartered slid 8.4 percent after saying it wants 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, hit by a slowdown in emerging markets.
Investec analysts described news of a third-quarter operating loss of $139 million as "awful". Consensus estimates were for a 903 million pound profit.
"As we feared, the worst aspect ... is a broad-based collapse in revenues," they 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...