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European shares start week on weaker note; Julius Baer tumbles

Reuters - UK Focus

MILAN, Nov 27 (Reuters) - European shares inched lower in early deals on Monday with most sectors moving in the red and Julius Baer (LSE: 0QO6.L - news) leading losers after the unexpected resignation of its chief executive.

Shares (Berlin: DI6.BE - news) in the Swiss private bank declined 4.9 percent after news that Boris Collardi was resigning with immediate effect to take a post at rival Pictet Group in Geneva.

Its decline, along with weakness in the heavyweight financials and materials sectors, helped drag the pan-European STOXX 600 index down 0.3 percent by 0807 GMT.

The German DAX benchmark fell 0.3 percent after leaders of Chancellor Angela Merkel's conservative party agreed to pursue a "grand coalition" with the Social Democrats (SPD) to break the political deadlock, while the Britain's top share FTSE index fell 0.2 percent.

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Among top movers on the STOXX were also shares in Belgian supermarket firm Colruyt (EUREX: 11884447.EX - news) , down 4.1 percent after Deutsche Bank (IOB: 0H7D.IL - news) cut its price target on the stock, while French tech company Ingenico (Paris: FR0000125346 - news) , up 2 percent, was supported by a Morgan Stanley (Xetra: 885836 - news) upgrade to equal-weight.

The STOXX 600 benchmark is down more than 2 percent so far in November as investors have been taking profit following this year's strong rally, shrugging off continued strength in macroeconomic data. (Reporting by Danilo Masoni; Editing by Georgina Prodhan)