Spain, Italy lead skittish European shares lower

jueves 10 de abril de 2014 11:12 GYT

* FTSEurofirst 300 down 0.3 pct, Euro STOXX 50 down 0.6 pct

* Spain, Italy lead losses on weak data, Iberdrola placing

* LVMH leads rally in luxury stocks after update

By Francesco Canepa

LONDON, April 10 (Reuters) - Spanish and Italian stocks led European shares lower on Thursday as investors cashed in on the star performers this year after some disappointing data and more jittery market conditions.

Spain's Ibex 35 and Italy's FTSE MIB, the best performers among major European indexes this year, had fallen 1.3 percent and 0.8 percent respectively by 1457 GMT, lagging smaller losses for their peers in Britain, Germany and France.

Sentiment on Italy was clouded by weaker-than-expected industrial output data, while a discounted share placement by Iberdrola triggered a selloff in Spanish utilities.

Spanish and Italian shares have rallied more than 25 percent since June 2013, leaving them trading at the highest valuation versus pan-European stocks since 2006, Datastream data showed.

Market volatility in recent weeks - triggered by economic and geopolitical concerns in emerging economies from Ukraine to China at a time when the Federal Reserve is tightening its purse strings - was leading some investors to take profits on the best performers.   Continuación...