Thursday 26 April 2018

European shares pare gains in late session sell-off

EUROPEAN shares pared their earlier gains to turn flat on Tuesday, in a gradual, late session sell-off which some traders attributed to worries that Apple earnings may disappoint.

The pan-European FTSEurofirst 300 index was flat at 1,210.52 points by mid-afternoon, below its intra-day high of 1,216.36 points.

Germany's DAX was down by 0.2pc at 8,318.59 points while the euro zone's Euro STOXX 50 index was up 0.1pc at 2,728.06 points but also below its session highs.

"We've certainly been consolidating for the last couple of sessions and there's the potential for Apple's earnings to disappoint," said Logic Investments strategy head Peter Rice.

"The risk is for further selling pressure. The likelihood is a continuation of the downward draft," he added.

U.S. tech and mobile phone group Apple posts results later on Tuesday.

Reuters

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