LONDON Jan 14 European equities ended at their
lowest in nearly a week on Monday, with an early sell-off in
U.S. shares on concerns over demand for Apple's iPhone
5 prompting some investors to take profits on recent strong
stock gains in Europe.
"European equities lost their early lustre, impacted by the
Wall Street and offsetting some low level M&A activity in
Europe," Jeremy Batstone-Carr, head of private client research
at Charles Stanley, said.
"It appears that the 'risk on', 'buy cyclicals and
financials' rally is running its course now. Instead, with the
valuation gap narrowing, it's time to look at quality again."
The FTSEurofirst 300 fell for a third straight
session to provisionally close 0.3 percent lower at 1,160.42
points, while the euro zone's blue chip Euro STOXX 50 index
was down 0.1 percent at 2,716.5, with its relative
strength index at 68, suggesting near-overbought conditions.
Italy's FTSE MIB index fell 0.6 percent on
uncertain political situation in the debt-stricken country.