* FTSEurofirst 300 index closes down 0.2 pct
* Vodafone slips, disappointing results
* HSBC gains on Q3 profit
By Joanne Frearson
LONDON, Nov 10 (Reuters) - European shares closed lower on
Tuesday, snapping a four-day winning streak, weighed down by
telecoms after disappointing results from Vodafone <VOD.L> and
mining stocks tracking weaker metal prices.
The pan-European FTSEurofirst 300 <> index of top
shares closed down 0.2 percent at 1,010.23 points.
The benchmark index has gained nearly 57 percent since
reaching a record low in early March and is up 21 percent for
the year.
"We have had a fairly uncertain day, sometimes positive and
sometimes negative. The market has been fairly indecisive about
which way it wants to go. Much of it hinges on the progress Wall
Street makes," said Mike Lenhoff, a strategist at Brewin
Dolphin.
"I don't know how confident people feel. I think in many
ways they are overwhelmed by the fact the market has been so
defiant in its progress."
Telecom stock featured among the biggest decliners. Vodafone
<VOD.L> slipped 1.5 percent after the group's earnings margin
declined 2.1 percentage points, due to tough competition in
emerging markets such as India and a turnaround plan in Turkey.
[]
Miners were on the downside after metal prices retreated.
Anglo American <AAL.L>, Antofagasta <ANTO.L>, Eurasian Natural
Resources Corporation <ENRC.L> and Xstrata <XTA.L> were down 1.4
to 2.5 percent.
Carmakers were also lower, with Volkswagen <VOWG.DE> down 8
percent. Qatar plans to sell up to half its Volkswagen
preference shares <VOWG_p.DE>, cashing in on recent gains and
raising around 1.6 billion euros ($2.4 billion) for possible
future deals. []
Volkswagen preference shares were down 15.8 percent.
HSBC GAINS ON Q3 PROFIT
Banking stocks were in mixed. However, Europe's biggest bank
HSBC <HSBA.L> gained 4 percent after it said its underlying
third-quarter profits were significantly ahead of a year ago and
losses on U.S. consumer loans had shown their first fall in
three years. []
Barclays <BARC.L>, Credit Suisse <CSGN.VX> and Banco
Santander <SAN.MC> were down 0.7 to 5.1 percent.
French insurer AXA <AXAF.PA> rose 2.1 percent as traders
cited a flurry of positive analyst notes a day after the French
insurer revealed a proposal to get full control of the Asian
assets of its arm AXA Asia Pacific.
Analysts were less than positive about the index returning
to higher levels. The broader DJ STOXX 600 <> was down 0.2
percent lower at 245.31 points.
"The STOXX 600 is currently stuck in a range, with a support
level at 241.79 and a resistance level at 250.46. But I'm
cautious on the short term as we could soon get another
correction phase," said Alexandre Le Drogoff, a technical
analyst at Aurel BGC in Paris.
"If the 20-day moving average and 50-day moving average
cross each other, it would mean that the recent trend reversal
has more legs. This is something we're keeping an eye on."
Across Europe, the FTSE 100 <> index and Germany's DAX
<> were both 0.1 percent lower and France's CAC 40 <>
was flat.
Major U.S. indexes the Dow Jones industrial average <>,
the S&P 500 index <.SPX> and the Nasdaq Composite <> were
down 0.04 to 0.3 percent.
(Additional reporting by Blaise Robinson in Paris; editing by
Karen Foster)
