European stocks pare losses in late trade

PARIS Wed Jan 16, 2013 3:11pm GMT

PARIS Jan 16 (Reuters) - European shares pared losses and turned flat in late trading on Wednesday, with traders mentioning brisk buying interest each time the market dips as fund managers look for opportunities to boost their exposure to equities.

"They're all buying the dips. This looks like the start of multi-year bull market and the fear of missing it is now bigger than the fear of a correction," a Paris-based trader said.

At 1504 GMT, the FTSEurofirst 300 index of top European shares was up 0.03 percent at 1,160.56 points after spending the session in red.

Banking stocks reduced their losses following good earnings by Wall Street firms Goldman Sachs and JPMorgan.