European shares steady, Vodafone down after results

LONDON Tue May 20, 2014 3:14am EDT

LONDON May 20 (Reuters) - European shares steadied on Tuesday following losses in the previous three sessions, with telecom company Vodafone falling after saying its core earnings would fall in 2015 due to the investment needed in the business.

At 0708 GMT, the FTSEurofirst 300 index, which last week hit a six-year high of 1,372.81, was up 0.06 percent at 1,359.66 points. National benchmark indices in U.K., France and Germany were trading flat to 0.1 percent higher.

Vodafone shares fell 3.4 percent, the biggest decliner on the pan-European FTSEurofirst 300 index, after the world's second-largest mobile operator also said it recorded impairments of 6.6 billion pounds ($11 billion) due to fierce competition and regulatory changes in Europe.

Marks And Spencer fell 1.3 percent after posting a 3.9 percent fall in annual profit.

According to Thomson Reuters Datastream, 82 percent companies on the STOXX Europe 600 index have reported first quarter results so far, of which 52 percent have missed analysts expectations. On the revenue front, 55 percent companies have missed forecasts. (Reporting by Atul Prakash; Editing by Lionel Laurent)

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