European shares fall after business surveys disappoint

jueves 23 de abril de 2015 04:35 GYT

* Pan-European FTSEurofirst index falls 0.5 pct

* PMI surveys depress market sentiment

* Ericsson, Bilfinger slump; Michelin surges

By Atul Prakash

LONDON, April 23 (Reuters) - European shares gave up early gains on Thursday after a survey showed growth in Germany's private sector slowed and French business activity barely grew in April.

Another survey showing factory activity in China, the world's largest metals consumer, contracted at its fastest pace in a year in April, hit mining stocks in particular. The STOXX Europe 600 Basic resources index fell 1.4 percent.

Negative company news added to downwards pressure.

Mobile telecom equipment maker Ericsson fell 8.1 percent after saying it expected sales in its main North American market to stay sluggish and posting first-quarter operating profit below expectations.

After opening higher on the back of some positive company updates, the FTSEurofirst 300 index was down 0.5 percent at 1,619.72 points by 0808 GMT following Markit's flash composite Purchasing Managers' Index (PMI) for Germany.   Continuación...