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BUZZ-Earnings miss at Shell hits supply chain

Reuters - UK Focus

** Oil support service stocks dominate top losers on Stoxx 600 after weak Q4 results from Shell (LSE: RDSB.L - news)

** Co to cut spending by $15bln over next 3 yrs, hitting supply chain

** Providers to Shell include Technip (Paris: FR0000131708 - news) and Subsea , along with US peers Transocean (NYSE: RIG - news) , Noble (SES: E1:N21.SI - news) and Schlumberger

** Credit Suisse (NYSE: CS - news) cuts estimates across sector by an average of 19 pct, also weighing on sentiment

** Upgrades Technip to "outperform", cuts Aker Solutions (Frankfurt: 1AKA.F - news) to "underperform", both from "neutral"

** Says too early to buy sector given combination of negative earnings momentum, earnings downgrade risk and worsening trading environment

** Stoxx 600 Oil and Gas index down 2.6 pct, weakest sector in Europe by some distance

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)