European shares steady, focus on Federal Reserve

miércoles 17 de junio de 2015 05:08 GYT

* Pan-European FTSEurofirst index 300 flat

* Coloplast slips on negative broker comments

* Telecom Italia up on report Vivendi to increase stake

By Atul Prakash

LONDON, June 17 (Reuters) - European equities surrendered early gains and turned flat in cautious trading on Wednesday, with investors thought reluctant to place strong bets before a Federal Reserve statement that could provide hints on the timing of a U.S. rate hike.

Danish medical equipment maker Coloplast was the biggest faller after a string of banks cut their target price for the stock, a day after the company lowered its guidance for 2014/15. Its shares fell 2.8 percent, having dropped 7.8 percent in the previous session.

The FTSEurofirst 300 index of top European shares was flat at 1,528.39 points by 0834 GMT. It has risen as high as 1,533.97 points earlier in the session, buoyed by a slight gain in U.S. shares on Tuesday.

"In the early trading session, the market reacted to a higher close in the U.S. market. But investors' focus later shifted to the Fed meeting and the Greek debt situation," Christian Stocker, equity strategist at UniCredit, said.

"The fear is that the Fed could provide more hints about the start of a rate hike from September."   Continuación...