European shares broadly steady, IBEX hit by LatAm rout

LONDON Fri Jan 24, 2014 3:13am EST

LONDON Jan 24 (Reuters) - European equities steadied on Friday, with some investors seeing value in the market after the previous session's retreat, although emerging market-exposed stocks were hit by a rout in Latin American currencies.

Aberdeen Asset Management, which invests in emerging markets, fell 3.6 percent after Argentine's central bank gave up its battle against the currency's slide.

Other Latin America currencies, such as the Mexican peso, were also hard-hit, and the rout then spread to Asia.

For European companies, the weakness in emerging market currencies eats into the euro value of their revenues and also makes it harder for them to compete against local players.

The Spanish IBEX, which has high exposure to Latin America, lagged the other regional bourses, down 0.4 percent.

The broader market steadied after posting its biggest one-day drop since early December on Thursday.

The FTSEurofirst 300 was up 0.1 percent at 1,333.98 points by 0809 GMT.