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* FTSEurofirst index falls but set for weekly gain
* Faurecia leads automobile stocks lower
* Carrefour gains after sales update
* Greek shares also rise for first time this week
By Atul Prakash
LONDON, April 15 (Reuters) - European shares fell on Friday, with French car parts maker Faurecia leading automakers down, although a key regional index stayed on track for its best week since mid-February.
The STOXX Europe 600 Automobiles and Parts index fell 1.4 percent, the top sectoral decliner, as Faurecia shares fell nearly 5 percent after the company said that its quarterly sales in China were down 2 percent.
Barclays analysts said Faurecia’s revenues were below the market consensus, due partly to lower sales of components used in catalytic converters for exhaust systems.
“(The) other disappointing bit of the release was the absence of any sales guidance,” Barclays said, adding there was a lack of clarity beyond the second quarter.
The pan-European FTSEurofirst 300 index fell 0.4 percent, but was still up around 3 percent so far this week and on track for its best week since mid-February.
The index closed 0.3 percent higher in the previous session after surging 2.6 percent on Wednesday to its highest level since March 14. It remains down around 6 percent since the start of 2016, as concerns about a China-led economic slowdown hit world stock markets and commodity prices.
“Overall sentiment remains positive, however yesterday’s trading action is clearly pointing towards a slowdown in momentum,” said Markus Huber, trader at City of London Markets.
“In light of stocks being overbought in the short term, markets taking a breather and entering a consolidation pattern would certainly be in order and actually by many considered as healthy and necessary. In order for traders to up their risk exposure further, more good news besides China will be needed.”
Latest data showed China’s economy grew 6.7 percent in the first quarter from a year earlier, meeting expectations and providing additional evidence that a slowdown in the world’s second-largest economy may be bottoming out.
On the positive side, Carrefour rose 4.7 percent after saying that sales rose in its key European markets of Spain and Italy and in Brazil in the first quarter, offsetting a lacklustre performance in France.
Greek shares also rose for the first time this week, helped by a surge in Greek bank stocks.
The European Central Bank (ECB) decided to included European Financial Stability Facility (EFSF) notes in its list of eligible securities for purchasing under its so-called quantitative easing programme, and Greek banks could make gains on these assets.
Today’s European research round-up
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Mike Dolan, Markets Editor EMEA. (Additional reporting by Sudip Kar-Gupta; Editing by Dominic Evans)