European shares fall after PMI surveys, Ericsson down 10 pct

jueves 23 de abril de 2015 10:19 GYT

* Pan-European FTSEurofirst index falls 0.4 pct

* PMI surveys depress market sentiment

* Ericsson, Bilfinger slump; Michelin surges (Updates prices)

By Atul Prakash

LONDON, April 23 (Reuters) - European shares slipped on Thursday, with Germany's DAX index underperforming following a disappointing purchasing managers' survey while weak results from Ericsson hit technology stocks.

Tech shares were hit as telecom equipment maker Ericsson slumped 10.3 percent after it posted weaker-than-forecast first-quarter operating profit and said it expected sales in its main North American market to stay sluggish.

The STOXX Europe 600 Tech index dropped 2.1 percent.

After opening higher on the back of some positive company updates, the pan-European FTSEurofirst 300 index was down 0.4 percent at 1,622.73 points by 1404 GMT.

Euro zone purchasing managers' surveys disappointed investors with the German PMI index falling to 54.2 from March's eight-month high of 55.4, while France's PMI showed a slower expansion than forecast in the services sector and a faster contraction than expected in manufacturing.   Continuación...