partner Verizon denied reports of a joint bid for the UK firm
Telecoms stocks cap European shares on sales outlook concerns
canada https://www.arconserve.ca goose clearance sale Vodafone hit as takeover speculation dented
By Francesco Canepa
LONDON, April 3 (Reuters) European shares were flat on Wednesday, consolidating hefty gains in the previous session, with heavy falls in the telecoms and mining sectors offsetting a rally in defensive shares. partner Verizon denied reports of a joint bid for the UK firm with AT denting expectations that had helped canada goose coats the shares Canada Goose Jackets rise nearly 14 percent since early March.
The slide knocked 0.6 points off the FTSEurofirst 300 index, which was down 0.4 points at 1,203.36 points by 1125 GMT after rising nearly 15 points, or 1.3 percent, on Tuesday.
The broader telecoms sector fell 1.3 percent, hit by a bearish canada goose uk shop note by UBS, which warned about weaker than expected revenues canada goose store this year and further dividend cuts, also due to the high level Canada Goose Coats On Sale of debt.
France canada goose Telecom, Telecom Italia and TeliaSonera, which were all downgraded to by Canada Goose Online UBS, fell between 0.5 percent and 3.5 percent.
Michel Ommeganck, buy canada goose jacket a trader at IG in Paris, said some of his clients sold shares in France Telecom on the back of the UBS downgrade but they generally remained positive about the broader market outlook.
lot of our cheap canada goose uk clients see canada goose coats on sale at least in the short or medium term a chance to go long and to make some money, Ommeganck said.
He added they were buying dips in some of the recent underperformers, such as banks, betting that further canada goose black friday sale details about the restructuring of the Cypriot financial sector canada goose uk outlet and the formation of a government in Italy will fuel a bounce in the sector, which shed 8.5 percent since late January.
soon as this information comes out, the bank will start picking up (and) the shares could go up 10 20 buy canada goose jacket cheap percent within two to six weeks, Ommeganck said.
Showing investors had already started to buy market dips, the Euro STOXX 50 index of euro zone shares had halved its daily losses to trade 0.3 percent lower at 2,673.18 points.
Helping the index cut losses were auto stocks, which rebounded after an 8 percent fall since early March, and defensive sectors such as food beverages and healthcare canada goose factory sale shares.
Valerie Gastaldy, head of Paris based technical analysis firm Day By Day, said a rise in the more cyclical banking shares was needed to confirm the uk canada goose outlet market was still in a bullish trend.
If banks shares rebound from current levels, Gastaldy said the Euro STOXX 50 was likely to bounce back to its recent highs in the Canada Goose online 2,740 2,750 area and could then head to 3,080, its 2011 peak, by canadian goose jacket the end of the year.
Banking shares have the heaviest exposure to the region public debt and financing conditions and can Canada Goose sale be a gauge of investor confidence in Europe ability to tackle its crisis.
EURO ZONE CAUTION Other investors were more cautious on euro zone shares.
Jonathan Fry, private wealth director at asset management firm Jonathan Fry, was underweight continental European equities and said the Cypriot debt crisis and Italy election stalemate emphasised the lingering risk in investing in euro zone shares.
are many more chapters to go in this European story and that why we not increasing our exposure to Europe, Fry said.
He preferred UK shares Canada Goose Parka for their global exposure and he expected canada goose clearance them to deliver annual returns of around 5.5 percent cheap Canada Goose over cheap Canada Goose Coats a multi year period.
you get inflation fears relating canada goose uk black friday to ADP numbers, they (the Fed) would reduce QE and that might happen within this year, Canada Goose Outlet the head of a German trading desk said.
main topic is how long they can control the real interest rate as they are doing, with a very good track record, at the uk canada goose moment. If they can do it, you in a bull market, not a bear market.