October 13, 2016 / 7:27 AM / 2 years ago

European shares fall as mining sector, financials slump

LONDON, Oct 13 (Reuters) - European shares fell on Thursday as underwhelming Chinese trade data knocked down mining stocks while Standard Life and Aegon slid on broker downgrades.

The pan-European STOXX 600 index fell more than 1 percent, with the index down by around 8 percent so far in 2016. All major sub-sectors were lower on Thursday.

Standard Life fell 4.5 percent after Barclay’s cut the stock to “underweight” while insurer Aegon fell more than 5 percent after Societe Generale cut it to a “hold” on worries over variable annuities in the U.S.

Dutch navigation firm TomTom fell 6.6 percent after the Dutch company said sales of its personal navigation devices had been weaker than expected in the third quarter.

Mining stocks such as BHP Billiton and Rio Tinto took a hit after gloomy trade data from China, which is the world’s biggest consumer of metals, and following a downgrade at Citi.

Shares in Unilever and Tesco also fell, with the two companies locked in a row over pricing sparked by a plunge in sterling caused by Britain’s shock vote in June to quit the European Union. (Reporting by Sudip Kar-Gupta; Editing by Vikram Subhedar)

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