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European shares flat as investors eye U.S. GDP
Published in Saudi Press Agency on 26 - 05 - 2011

European shares were flat on Thursday in a choppy session as investors awaited U.S. GDP data which would shed light on the health of the economy, with traders saying the market might see an afternoon recovery, according to Reuters.
By 1139 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.01 percent at 1,127.05 points after initially edging higher as investors took some comfort in news of a Financial Times report that Portuguese bailout bonds were expected to bought by China and Asia.
The market fell back as analysts said this would have limited impact, and as investors remained cautious about the Greek debt situation and fretted its problems may spread to other euro zone peripheral countries.
"Investors are waiting to see how the Greece situation pans out, and whether it will go down the restructuring route," Angus Campbell, head of sales at Capital Spreads, said.
Banks extended gains from the previous session on a technical rebound, after its 14-day relative strength index showed the sector was in "oversold" territory on Tuesday.
The STOXX Europe 600 Banks index was up 0.4 percent. Analysts said the sector will face resistance at its downward trendline at around 196 points. It traded at 193.85 at 1155 GMT.
Commerzbank rose 1.7 percent, with traders citing strong trading in its subscription rights.
Hedge fund manager Man Group was up 3.2 percent after forecast-beating profits.
The FTSE 100 index was up 0.4 percent, outperforming Germany's DAX, down 0.4 percent, and France's CAC 40, which was flat.
HIGHLIGHT
Analysts said U.S. GDP data could give the market a bounce later in the session.
"U.S. GDP will be the highlight of the day. There are some expectations it will be revised upwards and hopefully we will see a lead from the U.S. markets later," Campbell said.
In the long term, fund managers expected the market would push higher, helped by merger and acquisition activity. A note by BarCap analysts also forecast increased M&A activity.
London-based James Buckley, fund manager at Baring Asset Management which has 30 billion pounds under management, said shares would be higher by year-end, supported by merger and acquisitions activity, "and maybe the Greek issue being kicked into touch with a piecemeal solution, although there may not be a resolution."
Elsewhere, mail company PostNL dropped 6.1 percent, while TNT Express rose 9 percent after the two businesses of Dutch mail group TNT listed as separate units on the Amsterdam exchange.
Analysts said PostNL faces a continuously declining mail market in the Netherlands, but the outlook for TNT Express is more positive on emerging market growth and takeover hopes.
Meanwhile, Burberry slipped 3.3 percent after the British maker of raincoats and handbags said its first-half profit margins would be hit by a step up in spending on new stores and upgrading of existing ones.


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