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European shares edge lower, miners retreat

Published 10/07/2010, 12:00 PM
Updated 10/07/2010, 12:04 PM

LONDON, Oct 7 (Reuters) - European shares ended slightly lower on Thursday as investors turned cautious ahead of key U.S. jobless data, while miners fell tracking metals prices that tumbled after a recovery in the dollar.

The pan-European FTSEurofirst 300 index of top shares provisionally closed 0.1 percent lower at 1,069.96 points, after ending higher in the previous session.

Investors turned to waiting mode ahead of a key U.S. non-farm payroll numbers, which will be published on Friday. Later on Thursday, U.S. aluminium giant Alcoa will kick-off the third-quarter earnings season.

"We are below resistances and are trying to overcome it ... we are waiting for a new signal, a good one," said Achim Matzke, analyst at Commerzbank in Frankfurt.

Miners came under pressure as metals prices fell after the dollar recovered, with investors betting the rally earlier in the day was too far, too fast. BHP Billiton, Anglo American, Antofagasta, Rio Tinto, Xstrata and ENRC fell 0.7 to 4.9 percent.

(Reporting by Harro ten Wolde)

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