PARIS Jan 7 European shares were flat early on
Monday, taking a breather from their New Year rally, buoyed by
gains in banking stocks on the back of a regulatory decision to
ease new liquidity rules for the sector.
At 0805 GMT, the FTSEurofirst 300 index of top
European shares was flat at 1,167.31, while UK's FTSE 100 index
was down 0.2 percent, Germany's DAX index down
0.3 percent, and France's CAC 40 down 0.1 percent.
On Sunday, the Basel Committee of banking supervisors said
they will give banks four additional years and more flexibility
to build up cash buffers, allowing lenders to put some of their
reserves to work, which should boost economic growth.
"Even though it was expected, it's still a pretty good news.
It will give the banks and the economy much-needed breathing
space," a Paris-based equity and exchange-traded fund (ETF)
Societe Generale was up 3.6 percent, BNP Paribas
up 2.2 percent and Commerzbank up 1.5