European shares off highs after U.S. data; VW drives DAX lower
* FTSEurofirst 300 up less than 1 pct, DAX down 0.5 pct
* VW, Porsche fall more than 7 pct
* Miners rally, led higher by Glencore
By Danilo Masoni
MILAN, Nov 4 (Reuters) - European shares came off highs on Wednesday after strong U.S. data supported expectations the Federal Reserve will lift rates next month, while Germany's blue-chip index sharply underperformed after a scandal at carmaker Volkswagen widened.
The FTSEurofirst 300 rose 0.9 percent after initially gaining as much as 1.1 percent on the back of a fresh pledge from the European Central Bank to ramp up stimulus if necessary, while Germany's DAX was down 0.5 percent.
After the close of European equity markets on Tuesday, ECB President Mario Draghi said the degree of monetary stimulus will be reviewed at the bank's meeting in December and policymakers remained willing and able to act if needed.
"What goes on with central bank continues to drive markets. But if we look at the economy and at the mixed picture from company earnings it's tough to be too optimistic," said Jerome Schupp, Head of Research at SYZ Asset Management in Geneva.
With 55 percent of STOXX Europe 600 companies having reported earnings so far this quarter, 49 percent have beaten or met expectations, with 51 percent missing forecasts. Continuación...