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European stocks end lower as miners tumble late
Fri, 19th Mar 2010 16:53
PARIS, March 19 (Reuters) - European stocks fell on Friday following a late-session sell-off in resource-related sectors, hit by falling commodities as the dollar gained ground while the euro sagged on nagging concerns over Greece's debt problems.
The FTSEurofirst 300 index of top European shares unofficially closed 0.4 percent lower at 1,065.37 points.
The index, which spent most of the session in positive territory, hit a 17-month high in morning trade, boosted by rallying banking stocks such as UBS, Barclays and Credit Agricole, which ended the session up 1.5-1.7 percent.
Lloyds Banking Group, which said it will return to profitability in 2010, jumped 8.2 percent.
But the benchmark index slipped in negative territory in late trade, tracking losses on Wall Street, as oil and metal prices took a beating while the dollar rose. Dollar-denominated oil and metals become more expensive for holders of other currencies when the dollar rises.
Royal
Dutch Shell fell 0.4 percent and Rio Tinto slipped 1.7 percent.
'European indices haven't done much since March 8 while U.S. stocks have been enjoying a steady rally, and looked overbought,' said Alexandre Le Drogoff, technical analyst at
Aurel BGC, in Paris.
'If there's a sell-off on Wall Street, there will be a snowball effect across the Atlantic. Overall, trading volumes have been thin, and the current configuration is similar to the one we saw in late 2009 and early 2010: a fragile rally followed by a correction.'
(Reporting by Blaise Robinson) Keywords: MARKETS EUROPE STOCKS/CLOSE
(blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The FTSEurofirst 300 index of top European shares unofficially closed 0.4 percent lower at 1,065.37 points.
The index, which spent most of the session in positive territory, hit a 17-month high in morning trade, boosted by rallying banking stocks such as UBS, Barclays and Credit Agricole, which ended the session up 1.5-1.7 percent.
Lloyds Banking Group, which said it will return to profitability in 2010, jumped 8.2 percent.
But the benchmark index slipped in negative territory in late trade, tracking losses on Wall Street, as oil and metal prices took a beating while the dollar rose. Dollar-denominated oil and metals become more expensive for holders of other currencies when the dollar rises.
Royal
'European indices haven't done much since March 8 while U.S. stocks have been enjoying a steady rally, and looked overbought,' said Alexandre Le Drogoff, technical analyst at
Aurel BGC, in Paris.
'If there's a sell-off on Wall Street, there will be a snowball effect across the Atlantic. Overall, trading volumes have been thin, and the current configuration is similar to the one we saw in late 2009 and early 2010: a fragile rally followed by a correction.'
(Reporting by Blaise Robinson) Keywords: MARKETS EUROPE STOCKS/CLOSE
(blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
