* Euro STOXX 50 index down 0.6 pct, nears support at around
* FTSEurofirst 300 down 0.5 pct
* Sentiment dented as Greece's lenders disagree over targets
* E-ON falls after profit warning; Vodafone hit by writedown
By Francesco Canepa
LONDON, Nov 13 European stocks fell for a fifth
straight session on Tuesday, with investors rattled by
uncertainty over Greece and pessimistic outlook comments from
giants E.ON and Vodafone.
Greece's international lenders gave the country more time to
fix its budget but they wrangled on longer-term targets and they
did not disburse the aid the country hoped to use to refinance 5
billion euros of its debt pile by Friday.
"Has there been solution overnight? No, that's the problem,"
Justin Haque, a broker at Hobart Capital Markets, said. "Where's
the 5 billion (euros)? They need it on the 16th."
He added nerves over Greece's refinancing needs were likely
to push the euro zone Euro STOXX 50 index down 0.6
percent to 2,459.39 at 0920 GMT to the 2,450-2,445 area, which
has supported the index since late September.
Germany's No.1 utility E.ON was the top faller on
the index, shedding 9 percent in volume three-times its daily
average, after it warned of weakening power demand in
crisis-struck Europe and cut its outlook for next year.
The economic impact of the European crisis was also visible
in Vodafone's quarterly results as the UK-listed
telecoms giant wrote down the value of its business in Spain and
Italy and lowered its full-year outlook, sending its shares down
It was the biggest drag on the pan-European FTSEurofirst 300
index, which was down 0.5 percent at 1,089.47 points.
Traders said investors were still prepared to buy into dips
in share prices, as evidenced by the strong support for the Euro
STOXX 50 at 2,450 points, betting monetary stimulus from central
banks across the globe and a pledge by the European Central Bank
to help struggling countries would help put a floor under the
Among investors looking for bargains was Ed Woolfitt, head
of trading at Galvan, who had started buying selected UK blue
chips on Friday, when the FTSE 100 bounced off a
"It's hard to go in with fresh shorts here from a trader's
point of view as we took the meat of our short profits last
week," Woolfitt said.
"It's not looking too bad with this morning's market, but
after last weeks short, sharp correction I was expecting more of
a bounce back once the markets had started to settle."
He had taken long positions in fashion brand Burberry
and Intercontinental Hotels, which had been
coming off many month lows hit earlier in November, and was
planning to add to his position in the hotel operator on