LONDON: European shares fell from two-year highs yesterday, dragged lower by concerns over earnings in the tobacco and oil services sectors, including a profit warning from Italy’s Saipem.
By 1149 GMT, the FTSEurofirst 300 fell 3.23 points, or 0.3 per cent to 1,174.56, with poor economic data from Spain and Switzerland also weighing.
“There is an optimism in the market which has not been reflected in either corporate earnings or macroeconomic growth numbers,” Wouter Sturkenboom, strategist at Russell Investments, said.
By late morning around Europe, the FTSE 100 index of leading British shares was up 0.2 per cent at 6,352 while Germany’s DAX was unchanged at 7,850. The CAC-40 in France was 0.1 per cent higher at 3,790. Agencies