European shares steady as miners rise but Eutelsat slumps
* FTSEurofirst 300 index closes flat
* Cost-cutting plans lift Telecom Italia shares
* Eutelsat, Drax slump after broker downgrades
* German and Swiss markets shut for holiday
* Morgan Stanley raises "defensive" stocks to overweight (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)
By Danilo Masoni
MILAN, May 16 (Reuters) - European ended steady on Monday, having recouped early losses, as stronger mining stocks offset weakness elsewhere, with Telecom Italia a standout gainer on the back of its cost-cutting plans.
The pan-European FTSEurofirst 300 index, which had fallen as much as 0.6 percent, ended flat. Volumes were thin with the German and Swiss markets closed for a public holiday.
Gains in mining stocks, which rose on the back of firmer metals prices, supported the broader market, while miner Anglo American also benefited from an upgrade by Bank of America Merrill Lynch. Continuación...