European shares end slightly up as rally loses momentum

miércoles 7 de octubre de 2015 13:04 GYT

* Pan-European FTSEurofirst 300 index up 0.1 pct

* Mining and auto shares among top gainers

* SABMiller pares gains as new InBev offer rejected

* Airlines down on stronger crude oil prices

By Danilo Masoni

MILAN, Oct 7 (Reuters) - European shares ended slightly higher on Wednesday, giving up earlier gains as a three-day rally appeared to lose momentum, but gains among miners and autos offset a decline in airline stocks.

The pan-European FTSEurofirst 300 index pared gains in the last stretch of the session to end up 0.12 percent. The index had earlier gained more than 1 percent to touch its highest level in about one month.

One trader said morning losses at Wall Street weighed on European shares while short covering appeared to have come to an end with global economic concerns emerging again. Some investors still expect loose monetary policies to help the rally continue, in spite of weak economic data, but do not rule out profit taking.

"The macro picture gives no reason to either buy or sell stocks, but given the low bond yields, there are few investment alternatives to equities," said Riccardo Ambrosetti, chairman of Italy's Ambrosetti Asset Management.   Continuación...