European shares trim gains after PMIs

PARIS, March 4 Wed Mar 4, 2015 2:56pm IST

PARIS, March 4 (Reuters) - European shares trimmed their gains on Wednesday morning after Markit's final February Composite Purchasing Managers' Index (PMIs) came at 53.3, weaker than a preliminary estimate of 53.5.

At 0919 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,546.71 points, after gaining as much as 0.5 percent in early trade.

"There's some disappointment on the PMIs. In the past few weeks, the market enjoyed positive surprises on the macro front in Europe, which boosted investors' expectations," Saxo Bank trader Pierre Martin said.

"Today, it's the European figures that disappoint, but this comes after a mixed batch of data from the United States. When you combine slightly disappointing macro data with sky-high stock indexes, you get a correction." (Reporting by Blaise Robinson; Editing by Sudip Kar-Gupta)

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