European shares halt two-day rally
Wednesday, 28 April 2010
PARIS, Apr 27 (Reuters): European shares lost ground in early trade Tuesday, halting a sharp two-day rally on renewed worries over Greece's debt after Germany demanded painful new austerity measures from Athens in return for financial aid.
At 0704 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 per cent at 1,100.29 points, led lower by mining stocks such as Xstrata and Rio Tinto, down 1.3 per cent and 1.9 per cent respectively.
"The Greek situation still weighs on markets, but concerns over contagion are easing. People realise that it's not a question of 'if' but 'when' the country will get aid," said Sebastien Barthelemi, head of credit research at Louis Capital Markets, in Paris.
On the earnings front, Deutsche Bank gained 1 per cent after Germany's biggest lender reported forecast-beating quarterly results.
At 0704 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 per cent at 1,100.29 points, led lower by mining stocks such as Xstrata and Rio Tinto, down 1.3 per cent and 1.9 per cent respectively.
"The Greek situation still weighs on markets, but concerns over contagion are easing. People realise that it's not a question of 'if' but 'when' the country will get aid," said Sebastien Barthelemi, head of credit research at Louis Capital Markets, in Paris.
On the earnings front, Deutsche Bank gained 1 per cent after Germany's biggest lender reported forecast-beating quarterly results.