Weak bank results weigh on European equities

Tuesday, 29 Oct 2013 | 4:15 AM ET

LONDON, Oct 29 (Reuters) - European shares edged lower on Tuesday, weighed down by weak bank results which pushed back the region's stock markets after an October rally that had seen key indexes hit fresh highs.

The pan-European FTSEurofirst 300 index, which hit a 5-year high of 1,291.93 points last week, edged down 0.1 percent to 1,281.28 points.

The euro zone's blue-chip Euro STOXX 50 index also slipped 0.1 percent, to 3,018.65 points, while Germany's DAX, which hit a record high of 9,017.95 points on Monday, also declined 0.1 percent to 8,971.45 points.

Swiss bank UBS fell 5.7 percent to take the most points off the FTSEurofirst 300 index after saying it would defer a key earnings target by at least a year because of temporary demands to hold extra capital, dampening better-than-expected third quarter results that saw the bank swing to profit.

Deutsche Bank also fell 2.4 percent after posting a 98 percent drop in quarterly pre-tax profit.

"Across the board, results have been a mixed bag. It doesn't look too great," said Terry Torrison, managing director at Monaco-based McLaren Securities, commenting on the European third-quarter results season so far.