* FTSEurofirst 300 down 0.4 pct
* Financials among top losers, sector index falls 1.3 pct
* Energy, mining shares under pressure
By Atul Prakash
LONDON, Nov 17 (Reuters) - European shares on Tuesday
slipped from a 13-month high the previous day, dampened by a
smaller-than-expected rise in U.S. industrial production which
hurt sentiment and pressured miners and financials.
The FTSEurofirst 300 <> index of top European shares
ended 0.4 percent lower at 1,030.00 points after rising 1.5
percent on Monday. The index is up 24 percent in 2009 and has
surged 60 percent since hitting a record low in March.
Banks were among the top losers, with the DJ STOXX banking
index <.SX7P> falling 1.3 percent. Standard Chartered <STAN.L>,
HSBC <HSBA.L>, Barclays <BARC.L>, BNP Paribas <BNPP.PA>, Societe
Generale <SOGN.PA> and Credit Agricole <CAGR.PA> were down
between 1.2 percent and 3.1 percent.
UBS <UBSN.VX> fell 3.6 percent after its boss Oswald Gruebel
vowed to rebuild the loss-making bank and its reputation and set
an ambitious target for annual pretax profit. []
"The strength of the market is diminishing and the number of
stocks that push the market higher is gradually falling," said
Koen De Leus, economist at KBC Securities.
"Now you don't have any support from company earnings so the
market is going to be dependent on macro-economic data."
Federal Reserve data showed U.S. industrial production rose
by just 0.1 percent in October as auto manufacturers scaled back
following the end of the "cash for clunkers" incentive.
[]
Across Europe, Britain's FTSE 100 index <>, Germany's
DAX <> and France's CAC 40 <> fell 0.4-0.9 percent.
"I would say after a pretty strong run it (the market) is
taking a breather," said Peter Dixon, economist at Commerzbank.
COMMODITIES RETREAT
Miners lost ground after jumping in the previous session,
with investors taking profits after spot gold <XAU=>, copper
<MCU3> and zinc <MZN3> prices fell on a rise in the dollar.
The DJ STOXX basic resources index <.SXPP> fell 0.6 percent,
while BHP Billiton <BLT.L>, Anglo American <AAL.L>, Antofagasta
<ANTO.L>, Rio Tinto <RIO.L>, Xstrata <XTA.L> and Eurasian
Natural Resources <ENRC.L> slipped 0.9 to 2.2 percent.
A 0.4 percent drop in crude oil prices <CLc1> hurt energy
stocks, with Royal Dutch Shell <RDSa.L>, BG Group <BG.L>, Tullow
Oil <TLW.L>, Repsol <REP.MC>, Total <TOTF.PA> and StatoilHydro
<STL.OL> shedding 0.1 to 0.6 percent.
"It seems that the major indices are taking a breath after
yesterday's gains. However, it feels like the risk of some
aggressive profit taking is still around," said James Hughes,
analyst at CMC Markets.
Among significant movers, bancassurer Irish Life & Permanent
<IPM.I> slipped 12 percent after releasing a weaker set of bad
loan and margin forecasts. []
Shares in French hotel group Accor <ACCP.PA> rose 2.4
percent after the firm said it will decide by the end of the
year whether to split up its two main businesses. []
K+S <SDFG.DE> gained 4.5 percent amid market talk that U.S.
billionaire investor Warren Buffett might be interested in
taking a stake in the German fertiliser and salts specialist.
K+S declined to comment.
Asset manager GAM Holding AG <GAMH.VX> was up 5.8 percent
after it said assets under management rebounded between June and
October, although inflows were mainly into low margin products
with alternative products still under pressure. []
(Additional reporting by Joanne Frearson; Editing by David
Cowell)
