Europe’s top shares opened lower today as investors continue to consolidate gains with indexes around mutli-month highs and near technically «overbought» territory, while sovereign risks remain a cloud on the horizon.
The FTSEurofirst 300 was down 2.87 points, or 0.3 percent, at 1,157.35, lingering near 22-month highs but with the index flatlining in the short-term term having hit «overbought» territory just over a week ago.
The euro zone blue chip index has stalled too around 18-month highs awaiting further catalysts to drive further a rally which has seen shares gain more than 30 percent since June.
Mark Pignatelli, Smith & Williamson European Growth Trust fund manager, said sovereign risks and Europe’s recession continue to keep a leash on the market, but an end to both in the coming months could drive the next leg of the equity rally.
Source: Buenos Aires Herald