Saturday 31 January 2015

Europe shares halt sell-off, focus shift to earnings

Published 08/04/2014 | 08:46

Growth: A display showing the German stock market index DAX is seen at the stock exchange in Frankfurt. Photo: Daniel Roland/AFP/Getty Images

European shares inched up early today, halting the previous session's sell-off, but gains were limited following further losses on Wall Street, where investors continued to dump internet stocks and switch into defensive sectors.

In early trade, the FTSEurofirst 300 index of top European shares was up 0.2pc at 1,338.16 points, after losing 1.3pc on Monday.

Wall Street's Dow Jones industrial average fell 1pc on Monday and the S&P 500 lost 1.1pc. The Nasdaq, home of tech and biotech companies, lost 1.2pc, posting its worst three-day decline since November 2011.

"It's too early buy the dip. We need to see the start of the earnings season in the U.S. first. If the results are showing improvements in the micro space, then the market could rebound, but we're not there yet," said David Thebault, head of quantitative sales trading at Global Equities, in Paris.

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