May 16, 2017 / 7:42 AM / a year ago

Earnings a drag on European shares, though Vodafone boosts FTSE to fresh record

LONDON, May 16 (Reuters) - European shares retreated early on Tuesday as disappointing earnings updates weighed on banks and pharma firms, though a well-received update from Vodafone helped the FTSE 100 touch a record high.

The pan-European STOXX 600 index was down 0.1 percent, and Germany’s DAX traded flat.

The FTSE 100 index rose 0.2 percent, however, buoyed by a 3.6 percent rise in Vodafone, which jumped after reporting its full-year earnings.

Healthcare was among the weakest European sectors, dragged down by a near 8-percent drop in BTG’s shares after the biotech firm published its full year figures.

Likewise disappointing updates also hit shares in budget airline easyJet, support services firm DCC and lender CYBG, which were all weaker.

Banking stocks were the biggest weight, with Spain’s Banco Popular down more than 4 percent and UBS falling nearly 2 percent, extending losses from the previous session after Singapore sovereign wealth fund GIC Private Limited cut its stake in the Swiss bank at a loss.

Reporting by Kit Rees; Editing by Andrew Heavens

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