(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details)
MILAN, May 16 (Reuters) - European shares were lower in early trading on Monday with Hennes & Mauritz among the main losers after disappointing sales growth figures.
By 0705 GMT, the pan-European FTSEurofirst 300 index was down 0.7 percent. Volumes were expected to be thin with the German market closed for a public holiday.
Hennes & Mauritz fell 1.5 percent, making it one of the top losers on the FTSEurofirst, after the Swedish budget fashion retailer reported a 5 percent increase in April sales, below the 9 percent expected by analysts polled by Reuters.
Prudential Plc also fell 1.6 percent, after Morgan Stanley cut its price target on the stock, although the investment bank kept an “overweight” rating on Prudential.
Telecom Italia bucked a weak telecoms sector to rise 2.8 percent. Italy’s biggest telecoms group more nearly tripled the cost cutting target in its business plan.
Today’s European research round-up
ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). In a real-time, multimedia format from 0600 London time through the 1630 closing bell, it will include the best of our market reporting, Stocks Buzz service, Eikon graphics, Reuters pictures, eye-catching research and market zeitgeist. Breaking news and dramatic market moves will continue to be alerted to all clients and we will continue to provide a short opening story and comprehensive closing reports.
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Mike Dolan, Markets Editor EMEA.
Reporting by Danilo Masoni; Editing by Sudip Kar-Gupta