European shares dented by losses in Lisbon and Milan

jueves 15 de mayo de 2014 09:44 GYT
 

* Lisbon and Milan stock markets hit by weak economic data

* Portuguese and Italian economies contracted in Q1

* DAX briefly hits record high, then falls back

* FTSEurofirst 300 retreats from 6-year highs

By Sudip Kar-Gupta

LONDON, May 15 (Reuters) - Slumps in the stock markets of Lisbon and Milan, after data showed that the Portuguese and Italian economies had shrunk, knocked back European shares from multi-year highs on Thursday.

Italy's FTSE MIB equity index fell 2.3 percent while Portugal's smaller PSI-20 market declined by 2.4 percent in late session trading, making the two worst-performing major European stock markets.

Together, they contributed to send the pan-European FTSEurofirst 300 index down by 0.2 percent to 1,365.27 points, pushing the FTSEurofirst off a 6-year high of 1,372.81 points reached earlier in the day.

Data on Thursday showed that the Portuguese and Italian economies contracted in the first quarter of this year, in sharp contrast to the fortunes of Germany - Europe's economic powerhouse - whose economy grew.   Continuación...