European Shares Wilt Again as Earnings Disappoint, Italian Banks Drop

European shares resumed their downward trend on Thursday, hit by disappointing earnings updates and falling mining stocks, while the Thanksgiving holiday in the United States kept volumes thin.The pan-European STOXX 600 <.STOXX> ended the day down 0.7 percent, with most sectors trading in the red following gains in the previous session that helped the pan-European index bounce from near two-year lows. Uncertainty over Italian politics, Brexit and worries over slowing economic and earnings growth have discouraged investors from taking risks as central banks take steps to end years of easy monetary policy. Miners <.SXPP> were the biggest fallers, down 1.9 percent as copper prices edged lower on worries over slowing global economic growth, hurt by an escalating trade war between Washington and Beijing. [MET/L] Britain's Centrica slid 9.2 percent to lead losers on the STOXX 600 after its trading update. Analysts at Jefferies said even though the energy company affirmed some of its debt and dividend targets for the year, its earnings per share guidance was 10 percent below consensus. British industrial group Rotork was another big faller, down 9.1 percent after it reported a 4 percent drop in its order intake. Swedish Match shares tumbled 4.1 percent after the European Union's top court stood by an EU ban on the sale of snus, a moist snuff tobacco product made by the company. Telecoms firm Altice slumped 11.9 percent after its third quarter core earnings fell nearly 7 percent due to heavy promotions to win customers. “The key challenge for Altice remains to turn around revenue and EBITDA trends," said Credit Suisse analyst Jakob Bluestone as he lowered his price target on the stock.