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European shares down, Electrolux slips after results
January 31, 2014 / 8:10 AM / 4 years ago

European shares down, Electrolux slips after results

LONDON, Jan 31 (Reuters) - European shares edged lower in early trading on Friday following mixed earnings releases, with Electrolux falling 5.8 percent after posting a bigger than expected drop in fourth-quarter core earnings.

At 0807 GMT, the pan-European FTSEurofirst 300 index was down 0.2 percent at 1,291.35 points. It has fallen nearly 2 percent this month and is on track to end January in negative territory after gaining in the previous four months.

Investors also remained cautious as the situation in emerging markets is still fragile even after some central banks took action to try to prop up tumbling currencies.

“Emerging market volatility is going to be our companion for a while and may have a slightly negative impact on earnings as some companies will have to take currency losses on some of the assets denominated in foreign currencies,” Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets, said.

On the positive side, BT rose 3 percent after returning to quarterly revenue growth for the first time since 2009.

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