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European shares track Wall Street into red
July 25, 2012 / 3:05 PM / in 5 years

European shares track Wall Street into red

LONDON, July 25 (Reuters) - European shares turned negative in thin, volatile trade on Wednesday, tracking a fall on U.S. indexes after weak home sales data and disappointing revenue from iPhone-maker Apple.

U.S. single-family home sales dropped by the most in more than a year to all-time low and revenues from Apple disappointed as a sagging European economy and a pause in iPhone sales ahead of a new version saw revenues slip from the previous quarter.

“U.S. new home sales printed as the lowest on record, UK and German data were weak and the euro zone debt drama remains,” Ishaq Siddiqi, a market strategist at ETX Capital said.

“The push up earlier on ... could never be sustainable”

The pan-European FTSEurofirst 300 index was down 0.3 percent at 1,016.07 points at 1500 GMT, after hitting a morning high of 1,023.74 points. (Reporting By Francesco Canepa)

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