European shares end strong week on sour note

viernes 19 de febrero de 2016 11:33 GYT
 

* FTSEurofirst down 1.3 percent

* Set for best week since October 2015

* Volkswagen leads auto shares lower

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

By Danilo Masoni and Alistair Smout

MILAN/LONDON, Feb 19 (Reuters) - European shares turned lower on Friday, hit by a drop in bank, oil and 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 pan-European FTSEurofirst 300 was down 1.3 percent at 1,276.78 points by mid-afternoon but still up 3.6 percent since Monday, and set for its best week since October 2015.

The index has been buoyed by gains in bank and energy stocks after a tough start to the year, and the sectors saw profit-taking on Friday.

"We were due a recovery, as the markets were oversold... but the underlying story hasn't really changed, and people don't want to take risks heading into the weekend," said Mike McCudden, head of retail derivatives at Interactive Investor.   Continuación...