29 de septiembre de 2014 / 8:13 / en 3 años

European shares fall as Hong Kong unrest weighs

* FTSEurofirst 300 down 0.3 pct

* HSBC, Stan Chart hit by Hong Kong unrest

* Luxury sector under pressure, led by Richemont

By Francesco Canepa

LONDON, Sept 29 (Reuters) - European shares edged lower on Monday as unrest in Hong Kong hit shares exposed to the territory, such as banks HSBC and Standard Chartered , and a rising dollar pummelled miners.

Shares in HSBC, which generates a large proportion of its profit in Hong Kong, fell 1.5 percent as riot police advanced on pro-democracy protesters in the worst unrest since China took back control of the former British colony two decades ago. HSBC’s shares are still up nearly 10 percent since mid-July.

Standard Chartered fell 1.7 percent after saying it had suspended some of its Hong Kong banking operations, including over-the-counter services and cheque deposits, until further notice due to “situations in certain areas”.

“I’d sell HSBC after its outperformance,” Justin Haque, a broker at Hobart Capital Markets said.

“This (Hong Kong) is another layer that adds to a gloomy outlook for October,” he added.

Luxury stocks also fell as worries about demand from Hong Kong compounded negative news from jeweller Cartier, which said it would reduce working hours for 230 employees at one of its watchmaking factories in Switzerland in November due to slowing demand.

Cartier’s owner Richemont fell 2.5 percent.

At 0754 GMT, the pan-European FTSEurofirst 300 index was down 0.3 percent at 1,372.32 points, adding to a 1.7 percent drop in the previous week.

Investors have been speculating about an imminent tightening in U.S. monetary policy at a time of still weak global growth, sending the dollar to a four-year high against a basket of currencies and selling down stocks.

Mining shares were once again on the back foot, with Rio Tinto down 1.4 percent, as the rising dollar sent copper prices close to a 3-month low.

Europe bourses in 2014: link.reuters.com/pap87v

Asset performance in 2014: link.reuters.com/gap87v

Today’s European research round-up

Editing by Andrew Heavens

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