July 04, 2012
European shares edged lower in early trade, as traders said that the broader economic slowdown justified taking profits on the back of a rally that had seen European equity markets reach a two-month high.
The FTSEurofirst 300 index was down 0.2 per cent at 1044.37 points, having closed at a two-month high of 1046.11 points on Tuesday, while the Euro STOXX 50 fell 0.4 per cent.
"The macro outlook is still the same. There's some pretty bad figures out there," said Toby Campbell-Gray, head of trading and risk at Tavira Securities, also noting negative sentiment on financials in the wake of a interest-rate rigging scandal at Barclays and other banks.
"We've been sellers into this last rally. We've been selling the FTSE on the back of the banking crisis and been taking profits on the DAX," he said.