Citi results help European shares recover from 8-mth low

martes 14 de octubre de 2014 12:23 GYT

* FTSEurofirst 300 closes flat after sharp losses

* Market recovers after Citi results, U.S. stocks rally

* German investor morale lowest in almost 2 years

By Atul Prakash

LONDON, Oct 14 (Reuters) - Europe's benchmark share index recovered late on Tuesday after hitting an eight-month low earlier in the day on global growth concerns, with Citigroup results and a rally in U.S. stocks cheering some investors.

Citigroup reported a better-than-expected 13 percent rise in adjusted third-quarter net profit and said it was returning to an earlier structure of concentrating on business clients by pruning its consumer businesses worldwide.

The pan-European FTSEurofirst 300 index ended flat at 1,293.47 points after earlier falling more than 1 percent to 1,274.87, the lowest since February. U.S. stocks were up 0.8 to 1.5 percent by 1611 GMT.

"Equity markets have fallen quite a lot from their peaks in the last couple of weeks. This creates some scope for a rebound into the fourth quarter, which would also be helped if the earnings season turns out to be not too bad," Gerhard Schwarz, head of equity strategy at Baader Bank, said."

The index has lost about 9 percent since mid-September as equity markets worldwide worry about the outlook for global growth and the timing of a first U.S. interest rate hike after years when central banks have pumped out cheap money.   Continuación...