REFILE-UPDATE 2-European shares dip on Deutsche Bank, fading hopes of sharp Fed cut

(Refiles to fix grammar in headline, no change to text)
* Deutsche Bank starts 18,000 job cuts
* Miners' surge helps limit losses for Europe's STOXX 600
* Greek conservatives take charge

By Agamoni Ghosh
July 8 (Reuters) - Banks led European shares slightly lower
on Monday as Deutsche Bank slid despite a major restructuring
move, while fading hopes of a sharp interest-rate cut by the
U.S. Federal Reserve weighed on broader markets.
The pan-European STOXX 600 index .STOXX ended marginally
lower with all major indices in the red. Madrid's bank-heavy
index .IBEX underperformed but London's FTSE 100 .FTSE
outperformed, boosted by miners and oil majors. O/R
A surge in basic resources .SXPP stocks, however, helped
limit losses for the benchmark after Dalian iron ore recouped
some of its losses from late last week, buoyed by expectations
of strong demand. Volumes on the pan-European STOXX 600 .STOXX index were
well below long-term daily averages.
Shares in Deutsche Bank DBKGn.DE , which had jumped nearly
4% in morning trade, after the German lender announced one of
the biggest investment bank overhauls since the aftermath of the
financial crisis, reversed course to close 5% lower as investors
questioned the bank's restructuring targets.
The bank laid off staff from Sydney to London on Monday as
it began 18,000 job cuts in a 7.4 billion euro ($8.3 billion)
"reinvention" which it said would mean yet another annual loss.
"When banks come out with a cost number there's often some
quarterly attrition on that number through the execution phase.
Therefore the risk is a slippage on the targeted ... net costs
saves," Russell Quelch, financials analyst at Redburn, said.
"There are already doubts around the starting point for
revenues given the weakness in the first two quarters of 2019."
The pan-European banking sector .SX7P which fell 1% was
further weighed down by shares of Swiss lender Julius Baer
BAER.S after the company appointed Philipp Rickenbacher, as
its new chief executive officer. Healthcare stocks .SXDP also took a beating with Swiss
drugmaker Roche Holding ROG.S sliding after it agreed to
extend the deadline for its $4.3 billion takeover bid for U.S.
gene therapy specialist Spark Therapeutics ONCE.O .

Much of the global stocks rally since June has been spurred
by expectations of an accommodative monetary policy by major
central banks to tackle slowing growth as the damaging trade war
between United States and China takes its toll.
But robust U.S. jobs data on Friday has lowered hopes of a
sharp rate cut by the U.S. Federal Reserve even though a
reduction is still expected.
In Greece, despite the expected victory of the country's
opposition conservatives in Sunday's snap election, Athens
stocks .ATG ended almost 2% lower on some profit taking.

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