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

European shares slip as oil weakness offsets boost from Deutsche, Barclays

(Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets)

MILAN, Oct 27 (Reuters) - European shares slipped on Thursday, weighed down by weaker commodity-related stocks while the boost to financials from forecast-beating results from Deutsche Bank and Barclays proved short-lived.

By 0709 GMT, the pan-European STOXX 600 index fell 0.5 percent, dragged by a 1.3 percent fall in the STOXX Basic Resources sub-index. The STOXX is down 7 percent so far this year.

Deutsche Bank rose 1 percent after the German bank posted a surprise net profit in the third quarter, helped by a surge in bond trading, while legal provisions rose to 5.9 billion euros from 5.5 billion euros.

Barclays and Spain’s second-biggest bank BBVA posted forecast-beating quarterly profits, sending their shares up 0.1 and 0.7 percent respectively.

Amec Foster plunged 15 percent, topping losers on the STOXX, after the UK engineering firm said 2016 and 2017 trading would be in line with its board expectations. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)

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