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European shares pare losses after mixed U.S. growth data

LONDON, June 28 | Fri Jun 28, 2013 10:59am EDT

LONDON, June 28 (Reuters) - European shares pared losses in choppy trade on Friday as mixed U.S. growth data had investors speculating the U.S. Federal Reserve may be slower in withdrawing its monetary stimulus programme.

The pan-European FTSEurofirst 300 was down 0.3 percent at 1,154.41 points after data showed a measure of future U.S. economic growth rose last week while the annualised growth rate fell to its slowest pace since the beginning of the year.

The data came after Federal Reserve official Jeremy Stein raised again the prospect of an early withdrawal of the Fed's equity-friendly third quantitative easing (QE3) stimulus programme.

"Any change to QE3 is data dependent," Mike van Dulken, head of research at Accendo Markets, said in a note.

"US data sure to remain closely watched, but in my view bad data should help ...; good data supports Fed recovery optimism and in-line data is somewhere in the middle."
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