Weak economic data and corporate results peg back European shares

miércoles 24 de septiembre de 2014 06:10 GYT
 

* FTSEurofirst 300 flat, DAX edges 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 from Dutch group TNT weighed on 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 bloc.

The Bank of Spain also said on Wednesday that Spanish private consumption growth and new job creation, fundamental aspects of the turnaround in the country's crisis-torn economy, were likely to slow in the third quarter.

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