LONDON Jan 17 European shares were subdued on
Thursday as a writedown at miner Rio Tinto and a
cautious outlook at chip maker ASML highlighted
concerns that weak corporate earnings may peg back equities in
the near term.
The pan-European FTSEurofirst 300 index fell by
nearly 0.1 percent to 1,159.00 points at the open, although it
later edged back to trade roughly flat at 1,159.65 points.
Rio Tinto took the most points off the FTSEurofirst 300
index, falling 3.4 percent after it announced a $14 billion
charge and the resignation of its chief executive.
"There's been a mixed bag on the earnings front so far,"
said Darren Easton, director of trading at Logic Investments.
"In the short-term, we're in the bear camp," he added.
Easton also said he Germany's DAX, which was down
0.2 percent at 7,675.95 points, could fall further in the
near-term, as the index had fallen below its 20-day moving
average level of around 7,683 points - an indicator often used
as a "sell signal" by some traders.