European shares reduce gains, Altice leads telecoms lower
* FTSEurofirst 300 up 0.5 pct, Euro STOXX 50 little changed
* Altice leads telecoms lower after capital raising move
* Trading remains volatile with Glencore, VW turning lower
By Sudip Kar-Gupta and Danilo Masoni
LONDON, Oct 1 (Reuters) - European shares gave up some ground by midday on Thursday as gains by oil and gas stocks were offset by a fall in telecoms and both Glencore and Volkswagen turned lower.
European stocks had been supported by rising Asian and U.S. equities, with some traders viewing more weak Chinese data as a sign that Beijing may do more to bolster the country's economy.
But shares in Altice fell 8.5 percent after the telecoms group announced a capital increase to help fund its takeover of Cablevision. Deutsche Telekom lost 2.5 percent and Telecom Italia was down 3 percent, both helping drag down their national blue-chip indexes.
The pan-European FTSEurofirst 300 index rose 0.47 percent. The euro zone's blue-chip Euro STOXX 50 index was flat. Germany's DAX fell 0.43 percent.
European markets have lost ground in recent months, hit by a slowdown in China. The FTSEurofirst fell nearly 10 percent in the last quarter and the DAX is some 20 percent below a record high set in April. Continuación...