19 de agosto de 2015 / 11:20 / en 2 años

European stocks fall as investors lose taste for Carlsberg

* FTSEurofirst 300 down 0.7 pct, Euro STOXX down 0.5 pct

* Carlsberg falls after cutting profit forecast

* Glencore also down after earnings drop

* Fed minutes due at 1800 GMT

* Europe bourses in 2015: link.reuters.com/pap87v

* Asset performance in 2015: link.reuters.com/gap87v (Adds Greece, Glencore, analyst comment)

By Sudip Kar-Gupta

LONDON, Aug 19 (Reuters) - European stock markets fell on Wednesday, extending a recent losing streak on the back of persistent worries over China, while brewer Carlsberg slumped after cutting its outlook.

News that German lawmakers had voted to back a third bailout for Greece had little effect, with the focus firmly on fears of a fresh slowdown for the global economy.

The pan-European FTSEurofirst 300 index, which has just suffered its worst week in more than a month, fell 0.7 percent. The euro zone’s blue-chip Euro STOXX 50 index declined by 0.5 percent.

Carlsberg was the worst performer on the FTSEurofirst, falling 9 percent after cutting its profit forecast.

Miner and commodities trader Glencore sank 8 percent after profits fell on a slide in metal and oil prices. The company said capital spending next year was expected to be lower than this year.

Worries about China have come to eclipse those about Greece’s debt problems in recent weeks, with China’s devaluation of its yuan currency on Aug. 11 adding to investors’ unease about the state of the Chinese economy.

With price-to-earnings multiples for European equities well above their historical averages, growth fears are making a dent.

“I would struggle to get enthused with the valuations one is being asked to pay in developed-market equity,” said Nick Lawson, Managing Director at Deutsche Bank, in a note to clients.

“There is nothing ... that attracts me to the equity market at present except equity (dividend) yield.”

Chinese stocks reversed sharp declines and ended higher on Wednesday after the central bank injected more funds into the financial system for a second day in a bid to calm panicky markets.

“While there is continuing concern that the current slowdown seen in Chinese economic growth might be spreading across the region, it also seems that a lack of confidence that the Chinese government and People’s Bank of China will take sufficient measures to turn things around are hurting stocks,” said Peregrine & Black senior sales trader Markus Huber.

The FTSEurofirst and Euro STOXX 50 both remain up by around 10 percent since the start of 2015, helped in part by economic stimulus measures from the European Central Bank (ECB).

However, they also both remain nearly 10 percent below their peaks for 2015, reached in April, because of worries about the global economy.

Investors were also awaiting the minutes later in the day of the U.S. Federal Reserve’s last meeting, for clues on whether it might raise interest rates next month.

Higher interest rates can often hurt equity markets, as they boost the returns on bonds and cash, and can result in increased debt payments for companies listed on the stock market.

Today’s European research round-up (Editing by Kevin Liffey)

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