Friday, October 7, 2011

Europe shares halt rally ahead of U.S. jobs data

PARIS: European shares steadied on Friday, halting a two-day rally, as investors awaited to see if U.S. jobs data will signal an improvement on the macro front before adding more risky assets, while banks eased after Moody's cut some UK bank ratings.

Royal Bank of Scotland and Lloyds Banking Group fell 3.5 and 4 percent respectively after Moody's Investors Service downgraded the credit ratings of the two banks.

At 0714 GMT, the FTSEurofirst 300 index of top European shares was flat at 940.37 points.

The benchmark index has jumped 7 percent in the past two sessions and is on track to record a second consecutive weekly gain.

"European stock indexes as well as shares in a number of sectors such as banking, insurance, oil, utilities and telecoms seem to be stabilising. This is the result of extremely low valuation," Cholet Dupont strategist Vincent Guenzi said.

"This stabilisation may be a sign of a strong rebound to come if we get significant progress in the resolution of the euro zone debt crisis." ' Reuters

''

No comments:

Post a Comment