European shares slip on firmer euro, poor U.S. data

miércoles 6 de mayo de 2015 10:57 GYT
 

* FTSEurofirst 300 index down 0.5 percent

* Bond selloff, euro rise hurt market sentiment

* Cyclical sectors among top fallers

By Atul Prakash

LONDON, May 6 (Reuters) - European shares fell late on Wednesday, surrendering early gains as a rally in the euro and a fall on Wall Street prompted investors to trim their trading positions.

The FTSEurofirst 300 index of top shares was down 0.5 percent at 1,547.09 points by 1442 GMT after rising as high as 1,562.18 earlier in the session following strong euro zone services data and some encouraging corporate results.

"The euro is strengthening and that has taken some of the earlier tailwinds away from the market," Gerhard Schwarz, head of equity strategy at Baader Bank, said, noting a stronger currency was negative for Europe's export-oriented companies.

The euro climbed to a two-month high against the dollar, helped by business surveys pointing to a solid pick-up in euro zone economic activity and underpinned by German 10-year Bund yields that hit their highest this year.

The market sell-off gathered pace after U.S. stocks fell on disappointing data, including weaker-than-expected private jobs numbers, raising concerns about the economy's potential to rebound from a first-quarter slump.   Continuación...