European shares steady as Banco Popular cash call hits 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. See the bottom of the report for more details) Adds details, updates prices)
* STOXX 600 up 0.1 pct, FTSEurofirst 300 up 0.2 percent
* Bank sector weighed down by Banco Popular rights issue
* But commodity stocks rally as Brent hits $50, copper rises
* ArcelorMittal rallies after upbeat note from Goldman
By Danilo Masoni and Alistair Smout
MILAN/LONDON, May 26 (Reuters) - European shares steadied on Thursday, with banks coming under pressure after a surprise rights issue by Spain's Banco Popular fuelled fears others in the region may follow to strengthen their balance sheets.
But commodity stocks were boosted by Brent crude oil prices hitting $50 a barrel for the first time since November and copper prices reaching a two-week high.
The pan-European STOXX Europe 600 was up 0.1 percent by 1152 GMT, while the FTSEurofirst 300 added 0.2 percent. Both hit a 4 week high in the previous session, helped by a two-day rally in banking stocks. Continuación...