European shares steady at the end of strong week

viernes 19 de febrero de 2016 05:28 GYT
 

* FTSEurofirst flat, but set for best week since Jan. 2015

* Strong updates help lift Valeo, Kering

* Allianz down after earnings, dividend miss (Adds details, updates prices)

By Danilo Masoni

MILAN, Feb 19 (Reuters) - European shares steadied on Friday at the end of a strong week with a bounce in banking stocks and some solid earnings updates underpinning the market.

By 0906 GMT, the pan-European FTSEurofirst 300 had risen 0.02 percent to 1,294 points. The index is up 5 percent so far this week and set for its best five days since January 2015, buoyed by a recovery in the price of oil from record lows.

But oil prices resumed their slide on Friday as a record build-up in U.S. crude stocks stoked worries about global oversupply, outweighing moves by oil producers to cap oil output.

"At this stage ... it is still unclear if the current up-move has run its course or if this is merely a 'normal' and much needed consolidation before the next leg higher," said Markus Huber, trader at City of London Markets.

"Overall sentiment remains neutral to positive with range-trading likely for the first part of the day."   Continuación...