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European shares snap winning streak; Fed eyed

Published 12/14/2010, 03:18 AM
Updated 12/14/2010, 03:20 AM
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LONDON, Dec 14 (Reuters) - European shares slipped on Tuesday after making their longest winning streak in five months as investors await the U.S. Federal Reserve Open Market Committee announcement for more signs about the economy.

By 0814 GMT, the pan-European FTSEurofirst 300 index of top shares was down 0.1 percent at 1,128.27 points after gaining for a sixth straight session on Monday as optimism about the global recovery has grown.

"Markets have been breaking out into a higher range and now consolidating," Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin, said. "Investors are awaiting for the Fed for clues about the economy."

Miners fell as investors took profits following gains in the previous session after copper touched record highs on strong Chinese macro data. Rio Tinto, BHP Billiton and Vedanta Resources were 0.6 to 0.7 percent lower.

Utilities gave the market some support as investors stuck to defensive shares, with the STOXX Europe 600 utilities index 0.4 percent higher.

(Reporting by Joanne Frearson)

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