UPDATE 2-European shares slide as EU stimulus fails to impress

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* All the major European bourses trading lower
* UK March retail sales crash at record pace
* Travel and Leisure stocks lose most; Lufthansa leads
* Nestle, Sanofi rally after strong Q1 results
* STOXX 600 down 1.2% this week, ends two-week winning
streak

(Updates prices to close)
By Sagarika Jaisinghani and Susan Mathew
April 24 (Reuters) - European stock markets fell on Friday
with investors disappointed by the lack of details in a
trillion-euro emergency fund agreed by the bloc's leaders as
evidence grew of the global damage wrought by the coronavirus
crisis.
After two days of gains, the pan-European STOXX 600 index
.STOXX closed 1.1% lower. That took weekly losses to 1.2% as
it added to a sell-off due to a historic collapse in oil prices,
ending the index's two-week winning streak.
Late on Thursday, EU leaders approved an immediate rescue
package of about 500 billion euros but left the divisive details
of a bigger fund until the summer. They rallied around a larger
common budget for 2021-27 with a recovery programme and tasked
the European Commission to present detailed proposals by May
6. "Adding another dimension to budget talks by integrating the
EU's recovery plans will create a new layer of complexity and
certainly will not make the process of finding an agreement
easier," said analysts at Deutsche Bank Research.
"The next formal meeting of EU leaders in the Council will
be on June 18/19 and this might be the date where at least a
principal agreement could be announced, but much more work and
negotiations will be needed until then."
London's FTSE 100 .FTSE fell 1.3% with data showing UK
retail sales crashed in March, a day after surveys signalled a
collapse in April business activity across the globe and U.S.
jobless claims topped 26 million in five weeks. .L
The STOXX 600 has recovered this month from eight-year lows
hit in March, partly on hopes the strict stay-at-home orders
would be eased on signs the pandemic was peaking in the worst
hit parts of the world.
BofA Global Research said it expected STOXX 600 to gain a
further 20% and hit 400 points by August, while business
activity sentiment in the region could rise back to above 50 by
the third quarter.
The travel and leisure .SXTP led losses among major
European sectors, down 3.4%, with airline Lufthansa LHAG.DE
losing 8%.
The carrier's chief executive told employees he expects a
smaller fleet and reduced staff after the coronavirus crisis, a
day after it reported a first-quarter loss of 1.2 billion euros.
Several brokerages cut price target on the stock, with Societe
Generale double downgrading to "sell". The European banking index .SX7P fell 2.9% as S&P cut
Commerzbank's CBKG.DE credit rating by a notch and lowered its
outlook for Deutsche Bank DBKGn.DE to negative from stable.
Swiss food giant Nestle NESN.S and French drugmaker Sanofi
SASY.PA were the biggest boosts to the pan-region index after
reporting strong first quarter results on pandemic induced panic
buying of food products as well as pain and fever medicines.