LONDON Oct 12 Europe's top shares ended the
week in negative territory with weakness in commodity stocks
outpacing gains in healthcare and consumer staples as growth
pains smother appetite for risk.
The FTSEurofirst provisionally closed down 4.09
points, or 0.4 percent to 1,094.71, paring the previous
session's gains and keeping within its tight 20-point range,
which has been in place since Sept. 26.
Although the uptrend on the index that began in June has
just about remained in tact, momentum in European shares has
ground to a halt on global growth concerns after a strong summer
rally fueled by central bank stimulus and cheap valuations.
The FTSEurofirst 300 has hovered in a band of about 50
points since early August after the European central Bank
announced it would do what it takes to save the euro and an even
tighter range since the U.S. unveiled QE3 in mid-September.
"There is some very large problems out there and although
the recent central bank actions will support prices it does not
really solve the underlying problems, and the debt and lack of
growth will be with us for a really long time," Peter Clark,
chief strategist at Ingenious Asset Management, said.