LONDON May 16 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
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)