European shares knocked back by banks and miners
LONDON Feb 11 (Reuters) - European shares fell on Thursday, led down by a renewed drop in banks and miners, with Societe Generale and Rio Tinto both under pressure after disappointing with their latest results.
The pan-European FTSEurofirst 300 was down 2.1 percent at 1,215.46 points by 0815 GMT. It rose 1.8 percent in the previous session, snapping a 7-day losing run.
Banks were down 3.4 percent, among the top sectoral fallers. The sector is down over eight percent so far this week as concerns over profitability in a low-growth, low-interest rate environment have knocked confidence in the sector.
The biggest faller in the bank sector on Thursday was Societe Generale, down 7.1 percent after it posted a lower than expected rise in fourth-quarter net income, hit by an additional 400 million euros ($450.4 million) which it set aside to cover litigation costs.
Rio Tinto dropped 7 percent after the miner posted an annual loss and scrapped its promise to maintain or lift its dividend annually for this year onward due to a tough outlook.
The basic resources sector was down 4.6 percent. (Reporting by Alistair Smout; Editing by Sudip Kar-Gupta)
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