European shares extend losses after weak ZEW

LONDON Jan 15 (Reuters) - European shares extended losses on Tuesday after Germany's ZEW indicator of investor sentiment for January came in worse that expected and U.S. stock index futures suggested a weak Wall Street open.

At 1008 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.9 percent at 1,418.86 points, with banks and drugmakers the biggest weighted losers.

The ZEW indicator for January was -41.6 compared to consensus of -40 and down from -37.2 the month before.

HSBC (HSBA.L), Santander (SAN.MC) and UniCredit (CRDI.MI) were down between 1.4 and 2.8 percent while retailers were also lower.

Citigroup (C.N) is expected to report a fourth-quarter loss on Tuesday, but investors will focus on everything else Citi has in the works, from possibly raising billions of dollars in new capital to slashing more jobs. Intel (INTC.O) also unveils earnings.

Among drugmakers, AstraZeneca (AZN.L) was down 2.6 percent, while Novartis (NOVN.VX) fell 1.9 percent and Sanofi-Aventis (SASY.PA) 1.7 percent.

Index futures in the United States were down between 0.4 and 0.6 percent DJH8 SPH8 NDH8.

(Reporting by Sitaraman Shankar and Anshuman Daga)