August 24, 2016 / 7:25 AM / 3 years ago

European shares retreat as Glencore drags down miners

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)

LONDON, Aug 24 (Reuters) - European shares fell in early deals on Wednesday, snapping two straight sessions of gains as weakness in the mining sector, led by Glencore, weighed.

The pan-European STOXX 600 index retreated 0.3 percent in light volumes.

British miner Glencore dropped 2.8 percent after reporting a fall in underlying profit and lowering its debt target.

Europe’s Basic Resources index fell 1.6 percent hit by copper prices stuck near six-week lows.

South Africa-exposed stocks such as Investec and Old Mutual both fell after South Africa’s finance minister was summoned by police, sending the rand tumbling.

In positive territory, Sweden’s SCA soared over 10 percent after announcing plans to split into two listed firms.

Britain’s WPP hit a record high, gaining 3.5 percent after the advertising company beat first-half net sales forecasts.

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