claszas22 Mar 2010 16:54
LONDON, March 22 (Reuters) - European shares pared losses on Monday afternoon, with gains in food producers and tobacco stocks offsetting falls in banks and oil majors as investors reassess worries over debt problems in Greece.
By 1521 GMT, pan-European FTSEurofirst 300 index shed 0.1 percent at 1,064.02 points, well off its session low of 1,052.04 points.
Banks pared some earlier losses, with traders attributing the move to an easing in concerns over Greece's debt situation. Barclays, HSBC, BNP Paribas and Deutsche Bank lost 0.5 to 1.1 percent.
'Since the U.S. markets have opened, the euro has bounced somewhat and the dollar has given back some of its early gains and they're saying ... Greece is too small to worry about,' a trader said.
On the upside, defensive food producers were higher, with Associated British Foods, Lindt & Spruengli and Nestle up 0.3 to 1.3 percent.
U.S stocks rose, led by the healthcare sector, after the House of Representatives passed a healthcare reform bill, providing clarity following months of uncertainty.
In Europe, pharmaceutical stocks regained some earlier losses, with GlaxoSmithKline, AstraZeneca, Merck and Shire up 0.8 to 1.2 percent.
(Reporting by Harpreet Bhal) Keywords: MARKETS EUROPE STOCKS/GAINS
(harpreet.bhal@thomsonreuters.com; +44 207 542 4533; Reuters Messaging: harpreet.bhal.thomsonreuters.com@reuters.net)
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