Tenaris leads pullback in overbought European shares

miércoles 19 de febrero de 2014 05:27 GYT
 

* FTSEurofirst 300 down 0.1 pct, Euro STOXX 50 down 0.3 pct

* Tenaris, Vallourec pummelled by U.S. imports tariff report

* Carlsberg, Lafarge shrug off EM hit with strong updates

By Francesco Canepa

LONDON, Feb 19 (Reuters) - European shares edged lower on Wednesday, led by Italy's Tenaris, as investors took profits on overbought indexes, although buoyant updates from Carlsberg and Lafarge helped limit market losses.

Seamless steel tube makers Tenaris fell 5.5 percent to the bottom of the pan-European FTSEurofirst 300 index, with traders citing a U.S. anti-dumping ruling hitting the sector. French peer Vallourec fell 5 percent.

According to a Bloomberg report, the U.S. Commerce Department preliminarily set tariffs on imports of steel pipes from eight countries, though not including South Korea, one of the biggest exporters of tubes to the United States.

"There was expectation that South Korea would be included, which would have been good news," a Paris-based trader said.

At 0810 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,335.68 points, while the euro zone Euro STOXX 50 index was down 0.3 percent at 3,109.16 points.   Continuación...