European shares led lower by E.ON on profit warning

LONDON Tue Nov 13, 2012 8:23am GMT

LONDON Nov 13 (Reuters) - European stocks fell for a fifth straight session on Tuesday, led by German utility E.ON after it issued a profit warning.

Broader market sentiment remained subdued given wrangling on Monday between international lenders over disbursing the next tranche of Greek aid, as the country needs to refinance 5 billion euros of its debt pile by Friday.

"Has there been solution overnight? No, that's the problem," Justin Haque, a broker at Hobart Capital Markets, said. "Where's the 5 billion (euros)? They need it on the 16th."

E.ON led fallers, down nearly 10 percent, after it cut its 2013 outlook late on Monday. Euro zone banks, meanwhile, were down 0.4 percent, while the FTSEurofirst 300 index was down 0.6 percent at 1,088.36 points.