Weak economic data and corporate results peg back European shares

miércoles 24 de septiembre de 2014 04:51 GYT

* FTSEurofirst 300 and DAX slip lower

* German business sentiment drops for fifth straight month

* TNT slumps about 10 pct

By Sudip Kar-Gupta

LONDON, Sept 24 (Reuters) - Weak German economic data and tepid corporate results pegged back European shares on Wednesday, although supportive comments from European Central Bank chief Mario Draghi limited losses.

German business sentiment dropped for a fifth straight month in September to its lowest level since April 2013, suggesting that expectations for a strong third-quarter rebound in Europe's largest economy may need to be revisited.

The Ifo data added to a recent series of worse-than-expected economic indicators from euro zone countries, including France, which has put pressure on the ECB to launch new measures to buoy the euro zone.

Speaking in a French radio interview, Draghi said the ECB would keep monetary policy loose for as long as it takes to push up inflation in the economic bloc from near zero towards the level of just under 2 percent targeted by the ECB.

The pan-European FTSEurofirst 300 index remained in negative territory after the Ifo data, down by 0.1 percent at 1,374.19 points, while Germany's DAX also slipped by 0.1 percent to 9,588.92 points.   Continuación...