Rise in European stocks hindered by weak bank results

martes 3 de noviembre de 2015 13:54 GYT

* FTSEurofirst 300 up 0.4 percent

* Standard Chartered, UBS slump after results

* Shell and BG shares rise

* Coloplast surges after results (Updates with closing prices)

By Sudip Kar-Gupta and Alistair Smout

LONDON, Nov 3 (Reuters) - European shares recovered from a weak start on Tuesday, buoyed by a rise on Wall Street, though weak earnings from Standard Chartered and UBS dampened sentiment in the banking sector.

Standard Chartered slid 6.7 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...