European shares surrender gains after PMI data, ITV up
* FTSEurofirst 300 flat after early gains
* Euro zone PMI data below preliminary estimate
* Shares in ITV, Standard Chartered advance
By Atul Prakash and Blaise Robinson
LONDON, March 4 (Reuters) - European shares surrendered early gains on Wednesday after the euro zone's Purchasing Managers' Index (PMI) came in below the preliminary estimate and as investors took some profits from recent multi-year highs.
Markit's final February Composite PMI came in at 53.3, against a preliminary estimate of 53.5. A PMI covering the euro zone's dominant service industry rose one point from January to 53.7 but was lower than a flash reading of 53.9.
"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."
The FTSEurofirst 300 index of top European shares was flat at 1,545.71 points by 1202 GMT after gaining as much as 0.5 percent to trade near this week's seven-year highs. Continuación...