European rally hits pause on mixed trading updates

LONDON Tue Jan 27, 2015 1:40pm IST

LONDON Jan 27 (Reuters) - European shares opened steady on Tuesday as mixed corporate updates from firms including Siemens and Ericsson tempered investor appetite for stocks after an eight-day rally.

Shares in Siemens fell 1.9 percent after it said profit from its industrial units fell 4 percent last quarter, driven by a drop at its power and gas unit, where it is grappling with price pressure, and its healthcare unit.

Telecoms network supplier Ericsson was down 3.3 percent after it said it expected business in North America to remain slow with operators there saving cash as it reported fourth-quarter sales below expectations on Tuesday.

At 0807 GMT, the FTSEurofirst 300 index of pan-European shares was up 0.1 percent at 1,488.91. (Reporting By Francesco Canepa; Editing by Lionel Laurent)

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