November 17, 2016 / 8:35 AM / 2 years ago

European shares edge lower as banks extend losses

LONDON, Nov 17 (Reuters) - European shares edged lower in early trading on Thursday, with banking stocks on the backfoot again while an earnings miss at Ahold Delhaize put its shares on course for their worst day in seven months.

The pan-European STOXX 600 index was down 0.2 percent by 0815 GMT after closing 0.2 percent lower in the previous session.

The European banking index, down 0.9 percent, was the worst performing sector index. The beaten-down sector is firmly back on the radar as a spike in bond yields on the back of improved growth expectations has brightened the case for bank profits.

Shares in Ahold Delhaize fell more than 3 percent after the U.S.-European supermarket operator missed analyst expectations for third-quarter results due to weakness at its U.S. grocery chains.

However, South African financial services group Investec rose 3.8 percent after reporting a 20 percent rise in half-year profit, buoyed by a strong showing at its asset management and wealth arms. (Reporting by Atul Prakash, Editing by Vikram Subhedar)

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