European shares fall away at the end of a strong week

viernes 19 de febrero de 2016 07:55 GYT

* FTSEurofirst down 0.7 percent

* Set for best week since October 2015

* Volkswagen leads auto shares lower

* Allianz down after earnings, dividend miss (Adds detail)

By Danilo Masoni and Alistair Smout

MILAN/LONDON, Feb 19 (Reuters) - European shares turned lower on Friday, hit by a drop in auto shares, as investors locked in gains following a strong week that has helped to stabilise markets after a tumultuous start to the year.

The biggest losers were auto shares, down 1.3 percent, with scandal-hit Volkswagen under pressure again. The stock fell 3.7 percent after a media report that VW does not expect to reach an agreement with the United States over its rigging of emissions tests before the end of March .

By 1133 GMT, the pan-European FTSEurofirst 300 was down 0.7 percent at 1,284.68 points. The index is up 4.3 percent so far this week and set for its best week since October 2015, buoyed by a recovery in the price of oil.

But on Friday oil prices resumed their slide as a record build-up in U.S. crude stockpiles stoked worries about global oversupply, and oil and gas shares were down 1.2 percent.   Continuación...