Reuters
Published Sep 18, 2009 05:18AM ET
* FTSEurofirst 300 slips from 11-mth highs; down 0.4 pct
* Banks fall, but sector index up 170 pct from March lows
* Energy, mining shares fall; weaker commods put pressure
* For up-to-the-minute market news, click on [STXNEWS/EU]
By Atul Prakash
LONDON, Sept 18 (Reuters) - European shares fell on Friday
from an 11-month peak scaled in the previous session, with banks
slipping after British regulators set tougher-than-expected
terms on Lloyds'
At 0908 GMT, the FTSEurofirst 300 <.fteu3> index of top European shares was 0.4 percent lower at 1,006.97 points. On Thursday, it closed higher for the ninth session in 10 on mounting hopes the global economy was on a recovery path.
The index is up 21 percent this year and has jumped 56 percent since hitting a record low in early March. It has gained 18 percent this quarter and is on track to post the index's strongest quarterly performance in almost a decade.
"As we enter the last trading session of the week, we see markets taking a breather following the recent gains. Whilst it is almost inevitable that there will be a pullback on some days, it is the strength of the dips that will be in focus," said John Murphy, analyst at ODL Securities.
"If we truly are in a bull run, investors will buy the dips. If confidence is fragile, any dip could be perceived as the start of the slump. Markets tend to overreact on both the long and short side, so today could be a barometer for... confidence."
Banks <.sx7p>, which have surged more than 170 percent since March lows, were among top losers.
Britain's Lloyds Banking Group
The news sent sterling to a four-month low against the euro, as a source told Reuters on Thursday that the Financial Services Authority had set tougher-than-expected captial conditions on Lloyd's potential exit from APS, making its departure less likely. [ID:nLH721093]
Standard Chartered
Across Europe, Britain's FTSE 100 index <.ftse>, Germany's DAX <.gdaxi> and France's CAC 40 <.fchi> fell 0.1-0.4 percent.
ENERGY SHARES LOSE POWER
Energy shares tracked oil prices
Miners lost ground after key base metals prices slipped.
Copper fell on rising stocks and waning import demand from
China. BHP Billiton
Volkswagen
On the positive side, home improvements retailer Kingfisher
Drugmakers, seen as defensive stocks, were also in demand.
AstraZeneca
In industry news, American Airlines will team up with
British Airways
British Airways shares were down 2.1 percent.
(Editing by Lin Noueihed)
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.