12 de abril de 2016 / 14:47 / hace 2 años

European shares steady as gains in miners offset by weak Italian banks

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). Adds details, updates prices)

* Pan-European index little changed

* Miners lead gainers on firmer copper prices

* Italy undeperforms as banks turn lower

By Sudip Kar-Gupta and Danilo Masoni

LONDON/MILAN, April 12 (Reuters) - European shares steadied in choppy trade on Tuesday, with gains among mining companies offset by weakness among Italian banks.

The pan-European FTSEurofirst 300 index and the euro zone’s blue-chip Euro STOXX 50 index were 0.08 percent higher and 0.01 percent lower respectively by 1437 GMT.

The Italian banking index fell more than 4 percent, reversing initial gains after two straight session of gains as investors questioned the state-orchestrated deal to create a fund to shore up weaker banks.

“The problem with the Italian bank fund is that it is not big enough and it risks compromising the banks that are already in a much better shape,” said Francois Savary, chief investment officer at Geneva-based investment and consultancy firm Prime Partners.

The loss in Italian banks weighed on the Italian blue chip index which underperformed the rest of Europe with a loss of 2.4 percent.

LVMH underperformed after the luxury goods industry leader posted first-quarter sales below forecasts as tourist shopping in key markets such as France and Hong Kong remained low. The stock was last up 0.1 percent.

The mining sector index rose 2.3 percent, making it the top sectoral gainer, supported by steady copper prices and encouraging economic signals from China.

The FTSEurofirst has fallen nearly 10 percent since the start of 2016 as concerns about a China-led global economic slowdown weigh on world stock markets.

Today’s European research round-up

ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). In a real-time, multimedia format from 0600 London time through the 1630 closing bell, it will include the best of our market reporting, Stocks Buzz service, Eikon graphics, Reuters pictures, eye-catching research and market zeitgeist. Breaking news and dramatic market moves will continue to be alerted to all clients and we will continue to provide a short opening story and comprehensive closing reports.

If you have any thoughts, suggestions or feedback on this, please email mike.dolan@thomsonreuters.com.

Mike Dolan, Markets Editor EMEA.

Editing by Angus MacSwan

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