European shares fall as Fed rally loses momentum
* Investors take profit after Fed-inspired rally
* Volatility lifted by options, futures expiries
* Broker downgrade weighs on French broadcaster TF1
* Stoxx 600 index seen up 13 pct by end-2016 - strategist (Adds details, updates shares)
By Danilo Masoni and Sudip Kar-Gupta
MILAN/LONDON, Dec 18 (Reuters) - European shares fell in volatile trade on Friday as the Fed-inspired rally of the previous session ran out of steam and investors took profits ahead of the holiday season.
The pan-European FTSEurofirst 300 index was down 1.2 percent by 1540 GMT, after gaining 1.3 percent on Thursday, while the euro zone's blue-chip Euro STOXX 50 index weakened 1.7 percent.
European stocks had rallied on Thursday as investors took the U.S. Federal Reserve's decision to raise interest rates as a sign of confidence in the world's biggest economy.
"Yesterday's rally was a bit overdone and investors are taking profit as they prepare for the holiday. Lower oil prices this morning and weaker U.S. markets gave the pretext to sell," said Stephan Rieke, senior economist at BHF-BANK in Frankfurt. Continuación...