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Basic resources, retailers send European shares near 2-month low

Published 15/06/2017, 05:45 pm
© Reuters.  Basic resources, retailers send European shares near 2-month low
UK100
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PFC
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LONDON, June 15 (Reuters) - Weak basic resources stocks amid depressed crude prices sent European shares sliding for the second straight session on Thursday.

Investors awaited interest rate decisions from the Bank of England and Swiss National Bank due later in the day, though market expectations are for both to keep rates on hold.

Crude prices wallowed near a seven-month low as doubts grew over OPEC's ability to cut oil supplies, weighing on stocks worldwide.

The pan-European STOXX 600 .STOXX benchmark fell 0.5 percent to its lowest since April 24, while Euro zone stocks .STOXXE and blue-chips .STOXX50E fell 0.8 percent.

Germany's DAX .GDAXI fell 0.3 percent, just off its new record high touched on Wednesday.

Britain's FTSE .FTSE was down 0.6 percent while mid-caps .FTMC fell 1.1 percent.

Basic resource stocks Anglo American AAL.L , Randgold Resources RRS.L and Polymetal POLYP.L were among the worst fallers.

Retailers were also weak, as lukewarm results and downbeat company updates sent the pan-European index .SXRP to a two-month low.

H&M HMb.ST shares fell 2.7 percent after its May sales missed forecasts, adding to a string of softer figures from the fashion retailer which blamed tough trading conditions. Furniture DFSD.L plummeted 21 percent on Britain's small-cap index after a profit warning which it blamed on a dip in demand, with significant declines in store footfall amid a weaker trading environment it said was market-wide. notable broker activity, Petrofac PFC.L shares rose to the top of the European index after a Jefferies upgrade, while telecoms firm Proximus PROX.BR fell 3.3 percent after suffering a cut to 'sell' from Citi.

Stocks in Athens .ATG were down 0.2 percent ahead of a Eurogroup meeting which could yield a short-term debt agreement.

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