* FTSEurofirst 300 falls 0.8 pct; ends lower for 4th day
* Utilities slip; energy shares track weaker crude
* Financials, miners advance
By Atul Prakash
LONDON, July 7 (Reuters) - European equities ended down for
a fourth straight session on Tuesday, led lower by utilities and
energy shares, as investors remained nervous ahead of earnings
figures and worries about the pace of global economic recovery.
The FTSEurofirst 300 <> index of top European shares
finished 0.8 percent lower at 826.36 points after rising to a
high of 840.27. But the index, which fell 45 percent in 2008, is
still up 28 percent since hitting a record low in early March.
Utilities shares were among top decliners, with GDF Suez
<GSZ.PA>, E.ON <EONGn.DE>, National Grid <NG.L> and Centrica
<CNA.L> slipping 1.6-3.8 percent.
Energy shares tracked crude oil prices <CLc1>, which fell 2
percent to trade below $63 a barrel. Royal Dutch Shell <RDSb.L>,
Total <TOTF.PA> and Cairn Energy <CNE.L> fell 1.1-1.6 percent.
Elsewhere in the sector, Repsol <REP.MC> fell 1.6 percent,
in line with broader market. Sources said on Tuesday that China
National Petroleum Corp. (CNPC), the country's largest oil
company, could pay up to $14.5 billion for 75 percent of Spanish
oil major's Argentine unit YPF. []
"The markets are in a consolidation mode," said Andrew Bell,
head of research at Rensburg Sheppards. "To propel the markets
higher, we have got to see evidence of the turning point in
earnings and of the recovery and economic growth moving from
less bad to a little bit better."
"I think that so much stimulus has been thrown at these
economies that the risk of a significant downside disappointment
is quite limited," he added.
The OECD said that governments risk killing economic
recovery if they withdraw stimulus spending too fast, and added
that the name of the game was to move from policy-driven
recovery to a self-sustaining growth. []
However, Germany provided a glimmer of hope for a global
recovery, reporting an upturn in manufacturing orders.
Pharmaceutical stocks, generally seen as defensive shares,
also slipped. GlaxoSmithKline <GSK.L>, Novartis <NOVN.VX> and
Roche <ROG.VX> fell 0.5-1.1 percent.
"We are bouncing around on very low volumes," said Howard
Wheeldon, strategist at BGC Partners, in London. "We may
continue moving sideways for many months. The worst of the
crisis may be over, but we're not seeing recovery."
DRUGMAKERS, BANKS GAIN
Financial stocks gained ground, however. Standard Chartered
<STAN.L>, Barclays <BARC.L>, BNP Paribas <BNPP.PA>, Natixis
<CNAT.PA> and Commerzbank <CBKG.DE> rose 0.9-2.9 percent.
The banking sector <.SX7P> was the second biggest loser in
2008 following a financial crisis, the worst since the Great
Depression of the 1930s, but has recovered this year.
The sector has gained 17 percent in 2009 and European Union
finance ministers agreed in principle on Tuesday to make capital
rules for banks more flexible to reduce their likelihood of
worsening boom-and-bust cycles in the economy. []
Miners also advanced. BHP Billiton <BLT.L>, Antofagasta
<ANTO.L>, Rio Tinto <RIO.L>, Xstrata <XTA.L> and Eurasian
Natural Resources <ENRC.L> rose 0.7-2 percent.
Building materials group CRH Plc <CRH.I> warned pretax
profit nosedived in the first half and said trading would remain
extremely difficult, but investors bet the worst was behind the
Irish group, sending its shares 5 percent higher. []
Among automobile shares, BMW <BMWG.DE> fell 0.6 percent
after group vehicles sales fell 12.7 percent in June to 127,546
units, bringing the first-half decline to 19.5 percent amid a
sharp economic slump.
Across Europe, UK's FTSE 100 index <>, Germany's DAX
<> and France's CAC 40 <> were down 0.2-1.2 percent.
(Additional reporting by Dominic Lau and Brian Gorman; editing
by Simon Jessop)
