European shares fall for 3rd day; M&A boosts telecoms
* FTSEurofirst 300 down 0.4 pct
* Oil stocks fall as dollar strengthens
* T. Italia lead gains in telecoms on Brazilian bid speculation
By Francesco Canepa
LONDON, Sept 9 (Reuters) - European shares slipped for a third straight session on Tuesday, with companies that trade dollar-denominated commodities such as oil taking a hit as investors shortened the odds on an early hike in U.S. interest rates.
Research from Federal Reserve economists published late on Monday showed Fed members expect a higher trajectory for interest rates than investors, boosting bond yields and sending the dollar to a 14-month high against the euro.
The FTSEurofirst 300 index of European shares closed 0.4 percent lower at 1,385.51 points, further retreating from a 6-1/2-year high hit on Thursday, at the peak of a four-week rally.
"As the bond markets all gently back up in yield, the equities look round wondering where the prop was that they were resting on," Andy Ash, head of sales at Monument Securities, said.
"Certainly currency moves are still supporting the global dollar carry trade: out of everything else into dollars. That tends to not be good for lesser asset classes in 'everything else' land while the dollar still strengthens." Continuación...