European shares pare losses

European shares bounced on Thursday after a four-per cent fall this week. The pan-European FTSEurofirst 300 index was up 1.6 per cent, with national benchmark euro zone indexes broadly in line with that rise at 0756 GMT. Automakers and luxury goods stocks, among the worst hit this week, were among the biggest gainers. Better-than-expected profits from Moller Maersk and a positive earnings outlook from TUI helped those sectors outperform. Nestle reported worse-than-expected half-year sales. Shares in Germany's No. 2 utility RWE dropped after it posted weaker-than-expected profits in the first half, hit by a mix of low wholesale power prices, a small footprint in renewables and problems at its UK business. Dutch insurer Aegon slumped 7.6 per cent. Deutsche Bank's shares were up 1.5 per cent.

-SRS