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Weaker energy stocks hit European shares, Tesco slumps

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 9 (Reuters) - European shares fell sharply on Tuesday, with a further slide in crude oil prices hitting energy stocks and British grocer Tesco (Xetra: 852647 - news) plunging after another profit warning.

Tesco shares fell 15 percent after it slashed its full-year outlook by almost a third in the latest downgrade sparked by an accounting scandal and intense competition in its home market.

The FTSEurofirst 300 index of top European shares was down 1.1 percent at 1,381.16 points by 0809 GMT after falling 0.7 percent in the previous session.

The STOXX Europe 600 Oil and Gas index fell 2.4 percent, the biggest sectoral decliner, after Brent oil slipped to a five-year low below $66 a barrel following a drop of more than 4 percent the day before on worries of a swelling supply glut.

BP, Tullow Oil (LSE: TLW.L - news) , Statoil (Xetra: 675213 - news) and Respsol fell 2 to 3.2 percent.

(Reporting by Atul Prakash; Editing by Francesco Canepa)