April 9, 2013 / 1:52 PM / 5 years ago

European shares erase gains as Wall Street opens

LONDON, April 9 (Reuters) - European shares erased earlier gains in afternoon trade on Tuesday, with the FTSEurofirst 300 index dipping into the red after a muted start on Wall Street.

The pan-European index was down 0.1 percent at 1,164.25 points by 1346 GMT, retreating from an earlier session high of 1,172.07.

The benchmark U.S. S&P 500 index was flat in early deals , and aluminium major Alcoa added just 0.2 percent, confounding expectations for stronger gains after it posted forecast-beating earnings after the previous session’s close.

“The dip came around the U.S. open, where the S&P is now trading unch (unchanged),” a London-based portfolio trader at a leading investment bank said.

“The market is considerably more bearish than it was a week ago,” he added, citing the recent run of weaker economic data.

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