* FTSEurofirst 300 down 0.1 pct, Euro STOXX 50 down 0.2 pct
* Barclays, Aberdeen weigh after weak updates
* DSM, Solvay boosted by brighter outlook
By Francesco Canepa
LONDON, May 6 European stocks edged lower on
Tuesday, as outlook statements from chemical groups Solvay
and DSM were outweighed by a selloff in
financial shares after weak results from Barclays and
Aberdeen Asset Management.
Shares in Solvay and DSM rose more than 3 percent to the top
of the FTSEurofirst 300 as the former said it expects
high single-digit percentage growth in core profit this year and
the latter forecast higher earnings in the remainder of 2014.
They helped brighten the mood in a mixed earnings season so
far in Europe, where 48 percent of companies have missed analyst
estimates and consensus forecasts for next 12 months have been
cut by 0.8 percent over the past 30 days, StarMine data showed.
Shares in Barclays fell 3.6 percent as the group reported a
drop in first quarter profit due to a fall in its fixed income
business revenue. Investment manager Aberdeen Asset Management
also fell after announcing a fall in interim pretax
At 0824 GMT the pan-European FTSEurofirst 300 index
was down 0.1 percent at 1,346.02 points, hovering close to a
near six-year high hit on Friday. The Euro STOXX 50
fell 0.2 percent to 3,164.80 points.
"It's good that the markets have stayed where they were
despite this earnings correction," François Duhen, director of
dedicated research at CM-CIC Securities in Paris. "Now that is
done, earnings expectations are more sustainable."
Shares in UBS, up 0.9 percent, helped support the
FTSEurofirst 300 after the bank offered shareholders a dividend
sweetener to change its corporate structure and allow it to be
more easily broken up in a crisis.
Bigger dividends are the object of UBS' three-year drive to
shrink its investment bank and abandon riskier activities such
as bond trading, where a slowdown hit rivals including Credit
Suisse and Barclays.
European indexes have been stuck in a range in the past
month as concerns over tensions between Russia and western
powers were counterbalanced by increased mergers & acquisitions
activity, including General Electric's bid for Alstom's
"Corporates turning expansionary is a major support,"
strategist at JP Morgan wrote in a note, recommending that
investors remain buyers of European stocks.
"This is the next big catalyst that we were looking for to
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(Editing by Louise Heavens)