European stocks pause after rally
PARIS (Reuters) - European stocks dipped in early trade on Monday, as comments by U.S. influential investor Warren Buffett that said the U.S. economy was in recession prompted investors to take a breather after last week's lofty gains.
Trading volumes remained low as UK markets were closed for a holiday.
EADS (EAD.PA: Quote, Profile, Research) dropped 2.2 percent, the biggest laggard on the CAC 40 .FCHI, after German media reported that Airbus could run into problems selling some of its factory sites and could be forced to further delay some deliveries on its A380 superjumbo.
Deutsche Telekom (DTEGn.DE: Quote, Profile, Research) fell 0.9 percent after Der Spiegel magazine and other media reported the company was looking at a possible purchase of U.S. wireless company Sprint Nextel (S.N: Quote, Profile, Research).
At 9 a.m. BST, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 1,358.52 points.
The index, which got a boost on Friday from U.S. monthly jobs data that suggested the world's largest economy was proving more resilient than expected, gained 2.6 percent last week.
But it remains in the red on the year, down nearly 10 percent as fears of a U.S. recession and worries over the impact of a U.S. housing slump hit equity markets around the globe in the first quarter.
Accor (ACCP.PA: Quote, Profile, Research) rose 3.2 percent after U.S. property company Colony Capital and investment group Eurazeo (EURA.PA: Quote, Profile, Research) said they planned to raise their stake in the French hotels and services company to around 30 percent. Continued...
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