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European shares retreat after 7 sessions of gains, Cobham plunges

LONDON: European equities fell on Thursday after seven straight sessions of gains, with weaker metal prices weighing on miners and a poor update battering shares in engineering group Cobham.
Companies like NN Group and Drax also dragged the market lower after their disappointing updates.
The pan-European 600 fell 0.3 percent by 0957 GMT after recent gains to a two-month high on Wednesday. Britain's commodity-heavy FTSE 100 index was down 0.4 percent, while Germany's dropped 0.2 percent.
Cobham led the 600 lower after slumping nearly 20 percent to its lowest level in about 13 years and heading for its biggest-ever daily fall.
The sharp sell-off came after the company missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing, capping "an incredibly turbulent and disappointing year" for the defence and aerospace group.
The company said 2017 could be even worse as it struggles to fix operational problems in difficult markets. Its shares have already more than halved in the last 12 months.