European shares recover briefly on rate cut talk
LONDON Jan 22 (Reuters) - European shares swung wildly in morning trade on Tuesday and traded 0.8 percent lower after turning briefly positive on market talk of central bank interest rate cuts.
At 0914 GMT, the FTSEurofirst 300 index of top European shares was down 0.8 percent at 1,269.66 points, having fallen as much as 4.4 percent earlier in the session and then risen almost 0.5 percent as the rate talk swirled.
"Theres's rumours about concerted rate cuts... they're talking about the Fed, the ECB, the Bank of England and the SNB all cutting rates," a trader said.
Traders in Paris cited market talk of a rate cut of between 75 to 100 basis points from the U.S. Federal Reserve.
(Reporting by Sitaraman Shankar, Blaise Robinson, Rebekah Curtis and Michael Taylor)
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