European shares turn lower as commodities, Portugal weigh

martes 10 de noviembre de 2015 06:06 GYT
 

* FTSEurofirst 300 down 0.4 pct, Euro STOXX 50 down 0.5 pct

* Vodafone rises after strong results, Vallourec drops

* Portuguese stocks underperform on political uncertainty

By Danilo Masoni

MILAN, Nov 10 (Reuters) - European shares reduced gains to turn lower by mid-morning on Tuesday as losses among commodity stocks and political uncertainty in Portugal more than offset a solid earnings reports from Vodafone.

The pan-European FTSEurofirst 300 was down 0.4 percent, giving up initial gains, and the euro zone's blue-chip Euro STOXX 50 index was down 0.5 percent.

Shares had opened higher on the back of a weaker euro, which makes investment in the region more attractive, but pared gains as commodities stocks extended falls and U.S. futures indicate a lower open at Wall Street.

The European mining index was the top sectoral faller with a drop of 1.4 percent, as London copper prices moved closer to a six-year low on Tuesday amid a firmer dollar and prolonged economic weakness in top metals consumer China.

Roberto Lottici, a fund manager at Italy's Ifigest, said expectations of central bank support was providing a floor to European equities but suggested to be selective on single stocks and consolidate gains as the year end approaches.   Continuación...