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European shares turn positive after falling at open
May 30, 2013 / 7:33 AM / in 5 years

European shares turn positive after falling at open

LONDON, May 30 (Reuters) - European shares recovered from early losses to turn positive on Thursday, although many analysts said markets would stay stuck in a tight range due to uncertainty over U.S. monetary stimulus policy.

The pan-European FTSEurofirst 300 index was up by 0.2 percent at 1,225.46 points by 0723 GMT, while the euro zone’s blue-chip Euro STOXX 50 index recovered from earlier losses to trade flat at 2,787.73 points.

European equity markets have slipped back from near 5-year highs hit earlier this month on uncertainty over whether the U.S. Federal Reserve may soon scale back economic stimulus measures.

However, Interactive Investors’ head of derivatives Mike McCudden said bargain-hunters were moving in to buy equities on expectations that any tapering of the Fed’s stimulus programme may be some way off.

“We are currently seeing some bargain hunters sifting through yesterdays wreckage and taking a punt that weak U.S. jobs data will prompt a delay from the Fed and another sharp move higher for equities,” McCudden wrote in a trading note.

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