Retailers help European shares halt 3-day fall on Sainsbury boost

miércoles 7 de enero de 2015 04:36 GYT

* FTSEurofirst 300 up 0.3 pct after three-day drop

* Sainsbury leads bounce in retailers after strong performance

* Euro zone inflation data eyed for cues on ECB stimulus

By Francesco Canepa

LONDON, Jan 7 (Reuters) - European shares halted a three-day slide early on Wednesday, helped by a rise in retailers after a strong showing by British supermarket Sainsbury's and estimate beating German sales data.

Shares in Sainsbury's rose 4.2 percent to the top of the pan-European FTSEurofirst 300 index, after the group reported a better than expected performance in the Christmas quarter. Peer Tesco, due to report on Thursday, was up 2.3 percent.

Further supporting sentiment on European retailers, German retail sales rose one percent in November, beating expectations for a flat reading, data from Germany's Federal Statistics office showed on Wednesday.

The FTSEurofirst 300 index of pan-European shares was up 0.3 percent at 1,327.08 points at 0823 GMT, after shedding 3.3 percent in the previous three sessions as the upcoming Greek elections unnerved investors and a slide in oil prices hit energy shares.

"The corporate news out there may help the market and the retailers, obviously, but there's enough negative news out there and I haven't seen anything that warrants a strong market," Mike Reuter, a trader at Tradition, said.   Continuación...