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European shares slip as profit warnings weigh on market

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 20 (Reuters) - European shares slipped back on Thursday, as a clutch of profit warnings from companies throughout the region took their toll on the market.

The pan-European STOXX 600 index was down by 0.1 percent, and is down by around 6 percent since the start of 2016.

Shares (Berlin: DI6.BE - news) in German engineering company GEA slumped by around 20 percent after the firm slashed its profit guidance for this year.

Shares in British engineering company Keller and engineering solutions company Senior (Other OTC: SNIRF - news) also dived lower after both companies issued profit warnings.

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Shares in Swiss food group Nestle (Swiss: NESN.VX - news) also fell 1 percent after the firm cut its sales outlook.

However, Lufthansa jumped 8 percent after raising its profit guidance, lifting the shares of other airlines such as Air France KLM. (Reporting by Sudip Kar-Gupta; Editing by Kevin Liffey)