Euro zone growth relief helps European shares erase losses

jueves 23 de octubre de 2014 04:39 GYT
 

* FTSEurofirst 300 flat

* Erases early losses after strong PMIs from Germany, euro zone

* Michelin, Unilever fall, flag weak EM demand

By Francesco Canepa

LONDON, Oct 23 (Reuters) - European stocks were flat in choppy trade on Thursday as better-than-expected euro zone business activity data helped offset some weak corporate results from companies such as French tyre-maker Michelin.

Euro zone businesses performed much better than expected this month but did so by slashing prices again, and optimism about the future fell to its lowest level in over a year, surveys showed on Thursday.

Earlier data showed Germany's activity increased in both the manufacturing and services industries, but France's business downturn deteriorated.

"Germany saved the day but people are still bearish and I think we are going to see some more weakness," Mike Reuter, a broker at Tradition, said.

The pan-European FTSEurofirst 300 index was flat at 1,308.28 points at 0832 GMT, hovering some 7 percent above a 13-month low hit last week.   Continuación...