European shares steady; Peugeot surges
PARIS Feb 19 (Reuters) - European shares were steady in early trade on Wednesday, underpinned by strong gains in PSA Peugeot Citroen after the French carmaker announced a partnership with a Chinese rival.
Investors combed through a raft of company results, seeking clues on the outlook for corporate profits and on the potential damage caused by sharp currency swings in emerging markets.
But Peugeot dominated, rising 8 percent as traders cited short-covering on the stock following the 3 billion euro capital tie-up with China's Dongfeng. The French firm said the cash injection would buy time for a recovery after losing 2.32 billion euros in 2013.
At 0810 GMT, the FTSEurofirst 300 index of top European shares was up 0.06 percent at 1,338.42 points.
The benchmark index has gained 5.3 percent over the past two weeks, boosted in part by relatively good results in the current earnings season. So far, 58 percent of companies have reported in-line or better-than-expected profits, according to Thomson Reuters Starmine.
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote on union with Russia as troops build up rapidly |
- Malaysian PM says lost airliner was diverted deliberately |
- Democrats seek ways to limit Obamacare fallout after Florida defeat
- Police make third arrest in murder of Colorado socialite