European shares halt sell-off; CGG sinks 33 pct

lunes 15 de diciembre de 2014 08:59 GYT
 

* FTSEurofirst 300 up 0.2 pct after losing 5.9 pct last week

* CGG tumbles as Technip walks away

By Blaise Robinson

PARIS, Dec 15 (Reuters) - European stocks inched up on Monday after their biggest weekly sell-off since 2011, while worries about global growth weighed on resource-related shares such as Rio Tinto and BHP Billiton.

Shares in seismic oil and gas services group CGG sank 33 percent as rival Technip abandoned a takeover bid after talks with CGG collapsed.

At 1236 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,324.26 points, after tumbling 5.9 percent last week.

"Following last week's slide, the best we can hope for is a 'Santa Claus retracement' instead of the traditional rally," FXCM analyst Vincent Ganne said.

Mining shares were under renewed pressure, with Rio down 0.4 percent and BHP down 0.3 percent, on concern over a glut of iron ore and worries over global demand, especially from China, the world's top metal consumer.

China's central bank said in research report seen by Reuters on Sunday that the country's economic growth may slow to 7.1 percent in 2015 from an expected 7.4 percent this year, held back by a sagging property sector.   Continuación...