28 de agosto de 2015 / 13:56 / en 2 años

European shares ease back at end of rollercoaster week

* FTSEurofirst flat on week but down some 10 pct in month

* Greek shares rise, poll sees Syriza winning election

* Ct Suisse sees ESTOXX ending 2015 at 3,600 points

* Europe bourses in 2015: link.reuters.com/pap87v

* Asset performance in 2015: link.reuters.com/gap87v

By Sudip Kar-Gupta

LONDON, Aug 28 (Reuters) - European shares eased back on Friday, having already recouped nearly all their losses from a bruising eight percent drop earlier this week, with markets cooling off despite hopes of more help from central banks.

The pan-European FTSEurofirst 300 index slipped 0.3 percent. The index was broadly flat on the week but still down nearly 10 percent in August and at risk of its worst monthly loss in four years.

The euro zone’s blue-chip Euro STOXX 50 index fell 0.4 percent while Germany’s DAX weakened 0.8 percent, with the DAX nearly 20 percent below a record high in April.

Fears of a slowdown in global economic growth, which intensified after China devalued its currency this month, triggered big price swings across equities, currencies and commodities this week.

Worries over China have led to expectations that the United States will not raise interest rates next month. This caused markets to rebound this week, but traders said the underlying concerns about a weaker economic outlook had not completely dissipated.

“The problems have not gone away. The movement of currencies is still bubbling away underneath,” said Paul Chesterton, a trader at brokerage Peregrine & Black.

GEMALTO FALLS

Gemalto was one of Europe’s worst-performing stocks, dropping 5.8 percent after several brokers cut their price targets on the digital security company after its first-half results this week missed forecasts.

Energy stocks were the best performers, after the price of oil had its biggest one-day bounce since 2009 on Thursday.

Greek shares also advanced as a poll predicted that the ruling, leftist Syriza party - which is committed to a bailout deal for the debt-ridden country - would win next month’s election.

Strategists pointed to accommodative monetary policy and pockets of value after the earlier sell-off as reasons to expect more gains ahead, but added there was still uncertainty over how European earnings could be impacted by the slowdown in China.

Credit Suisse strategists expected the Euro STOXX 50 index to end 2015 at 3,600 points - some 10 percent above current levels - but they also cut their earnings forecast for Europe.

“Overall, the bull market in shares is getting long in the tooth but quantitative easing is still a major factor for markets in Europe, the U.S. and Japan,” said Jupiter Asset Management’s John Chatfeild-Roberts.

Today’s European research round-up

Additional reporting by Lionel Laurent; Editing by Andrew Heavens

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