* FTSEurofirst 300, Euro STOXX 50 both down 0.1 pct
* Selloff in U.S. tech stocks unsettle investors
* Results from SocGen, Carlsberg show Ukraine crisis has
started to hit
By Francesco Canepa
LONDON, May 7 European stocks edged lower on
Wednesday, as a selloff on Wall Street unsettled investors and
results from brewer Carlsberg and bank Societe Generale showed
the Ukraine crisis was starting to hurt large western companies.
Shares in France's No. 2 listed bank fell as much
as 2.3 percent as it booked a 525 million euro ($731 million)
writedown on the value of its Russian unit Rosbank, blaming
heightened uncertainty and a decline in the rouble.
Danish brewer Carlsberg, one of Europe's
blue-chips with the highest exposure to Russia, was also in the
red as it lowered its net profit outlook after reporting a
weaker-than-expected first quarter, capped by a weak rouble and
declining sales in Eastern Europe.
"Overall these warnings had to be expected and there will
likely to be more of them," Markus Huber, a senior sales trader
at Peregrine & Black, said.
"It will be important to see if other sectors will start
warning too, especially car manufacturers for whom Russia is a
very important market."
Shares in global carmaker Fiat-Chrysler dived 7.6
percent after it unveiled an ambitious plan to boost sales by 60
percent by 2018 by betting on premium brands such as Jeep and
The pan-European FTSEurofirst 300 index was down
0.1 percent at 1,341.72 points, with the euro zone blue-chip
Euro STOXX 50 also down 0.1 percent, at 3,146.88
They mirrored a selloff on Wall Street, where Twitter
led a rout in tech stocks with a 17.8 percent tumble
after the expiration of a six-month lock-up period for early
The plunge in tech stocks raised the spectre of a repeat of
the near 10 percent fall in the tech-heavy Nasdaq index
earlier this year, which dragged down global stocks.
Traders, however, noted Tuesday's fall was in thin volume.
About 5.9 billion shares changed hands on U.S. exchanges,
below the 6.2 billion average over the past five days, according
to data from BATS Global Markets.
"It was a bit of a risk off but I don't think it'll
necessarily (translate into) a big selloff because volumes were
still down 20 percent on a normal day," Mike Reuter, a global
broker at Tradition, said.
Personal and household goods stocks helped put a
floor under the market, as German consumer goods group Henkel
beat market expectations with results and Imperial
Tobacco Group rose after its update.
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(Editing by John Stonestreet)