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European shares turn flat as Apple miss weighs
July 25, 2012 / 2:14 PM / 5 years ago

European shares turn flat as Apple miss weighs

LONDON, July 25 (Reuters) - European shares gave away earlier gains in thin afternoon trade on Wednesday as U.S. indexes turned lower, weighed down by disappointing results by tech giant Apple.

The pan-European FTSEurofirst 300 index was flat at 1,018.59 points at 1408 GMT, having traded as high as 1,023.74 points in volatile morning trade.

Apple’s results fell short of Wall Street’s expectations as the European economy sagged, sending the shares down 4.5 percent and the Standard & Poor’s 500 index down 0.2 percent.

“The market had rebounded without a real reason,” a London-based trader said. “The situation is worsening and this is magnified by the bad numbers that are coming out, especially in the technology sector.” (Reporting By Francesco Canepa; Editing by Toni Vorobyova)

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