European shares fall as Unicredit and Erste hit financials

miércoles 8 de junio de 2016 12:39 GYT
 

* UniCredit falls on CEO uncertainty

* Erste down on move by Uniqa to sell stake

* World Bank cuts economic growth forecasts (Recasts, adds detail and updates prices at close)

By Kit Rees and Sudip Kar-Gupta

LONDON, June 8 (Reuters) - European shares fell on Wednesday after two straight days of gains, as a drop in Italian bank UniCredit and Austrian bank Erste knocked financial stocks.

Mixed Chinese economic data, along with a decision by the World Bank to slash its 2016 global economic growth forecast, also gave some traders a reason to take a negative view on the outlook for stock markets.

"The Chinese export figures looked a bit disappointing, and the World Bank's cut to its forecasts is another reason to be a bit bearish on the markets," Berkeley Futures' associate director, Richard Griffiths, said.

The pan-European STOXX 600 and FTSEurofirst 300 indexes both ended down 0.5 percent.

UniCredit fell on uncertainty over the appointment of a new CEO and the possibility that it will have to launch a capital increase. The bank is due to hold a board meeting on Thursday.   Continuación...