REFILE-Fresenius weighs on overbought European shares

martes 25 de febrero de 2014 06:36 GYT
 

* FTSEurofirst 300 down 0.5 pct

* Fresenius, FMC both tank after update

* CAC, FTSE retreat from multi-year highs

By Alistair Smout

LONDON, Feb 25 (Reuters) - European shares pulled back on Tuesday from three weeks of sharp gains, as weakness in medical group Fresenius weighed on German stocks and many regional indexes edged off multi-year highs.

Fresenius Medical Care (FMC) fell 6.9 percent after it unexpectedly forecast another decline in profit for 2014 amid budget cuts to healthcare from the United States. Shares in Fresenius, which controls FMC, fell 6.7 percent.

The two stocks accounted for more than half the drop of 0.3 percent on the German DAX, which otherwise would have outpaced peers.

Data showed that foreign trade growth had driven Europe's largest economy in the fourth quarter.   Continuación...