Carlsberg leads European shares lower after Q4 miss
LONDON, Feb 18 (Reuters) - European shares edged lower on Monday, with brewer Carlsberg leading fallers after it reported forecast-lagging results.
The world's fourth biggest brewery ditched its long-term margin forecasts and reported a weaker-than-expected quarterly profit, sending its shares down 4.8 percent to the bottom of the FTSEurofirst 300.
The pan European index had shed 0.2 percent to take it to 1,159.24 points by 0805 GMT, extending recent losses as a lacklustre European earnings season continued to dampen investor sentiment after a strong rally in January.
The blue-chip euro zone Euro STOXX 50, down 0.5 percent, edged below technical support at around 2,610, its 2012 top. Its failure to break above the 55-day moving average last week was seen as a sign of further falls to come.
"The index is stuck between a rock and a hard place," Anders Soderberg, chief technical analyst at SEB Bank in Stockholm, said.
"I think we'll soon see a drop down to the 2,505 area. If it's a correction, it ends there but there's certainly a growing risk for a more profound setback, confirmed...below 2,500."