July 16, 2012 / 7:13 AM / 5 years ago

European shares retreat in earnings season gloom

LONDON, July 16 (Reuters) - European shares edged down on Monday, with investors taking profits on strong recent gains as the second-quarter earnings season brought fresh signs that the euro zone crisis is hurting profits.

UK software marker Sage was among the top fallers, down 2.5 percent, after saying conditions in European markets have toughened.

The FTSEurofirst 300 fell 0.2 percent to 1,040.85 points by 0705 GMT.

“I wouldn’t say there is too much optimism,” said Francois Duhen, equity strategist at CM-CIC Securities in Paris.

“To my clients, I am calling it a profit warning season.”

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