Do More With Reuters

European stocks inch lower as telecoms offset cars

Wed Feb 13, 2008 10:05pm IST
 
Email | Print | | Single Page
[-] Text [+]

PARIS, Feb 13 (Reuters) - European stocks ended slightly lower on Wednesday, taking a breather after the previous session's sharp rise as weak telecoms and mining shares overshadowed auto stocks rising on strong results.

The FTSEurofirst 300 index of top European shares unofficially closed 0.05 percent lower at 1,333.49 points. The index gained as much as 0.6 percent in afternoon trading following better-than-expected monthly U.S. retail sales data.

Telefonica (TEF.MC: Quote, Profile, Research) fell 1.9 percent, hit by worries over the prospect of greater competition in Spain, while Vodafone (VOD.L: Quote, Profile, Research) lost 2 percent.

Recently hammered banks rose, with UniCredit (CRDI.MI: Quote, Profile, Research) up 2.7 percent and Commerzbank (CBKG.DE: Quote, Profile, Research) up 4 percent.

"It is tempting to call the bottom of the market, but the economic scenario is far from clear," said Arthur van Slooten, strategist at Societe Generale, in Paris.

(Reporting by Blaise Robinson)

Photo

Catch the latest news, pictures, stats and live race commentary on our special Formula 1 page.  Full Coverage 

REUTERS POLL

Photo
Where do you see the BSE Sensex by year end?
Below 12,000
12,000 - 15,000
15,000 - 18000
Above 20,000
Symbol Bid Ask
BRENT CRUDE $0.00 $0.00
GOLD $0.00 $0.00
SILVER $0.00 $0.00