LONDON May 14 European stock markets were
steady in early trading on Wednesday, hovering near multi-year
highs, while Britain's Compass Group outperformed after
unveiling a special dividend payout.
The pan-European FTSEurofirst 300 index, which on
Tuesday had closed up 0.3 percent near a 6-year high, was flat
at 1,368.76 points.
The euro zone's blue-chip Euro STOXX 50 index
was also flat at 3,212.33 points while Germany's DAX
rose 0.2 percent to 9,771.40 points, putting the DAX back within
reach of a record high of 9,794 points reached in January.
Some traders said the rally witnessed over the last two
months, which has seen the FTSEurofirst 300 rise some 7 percent
from lows in March, may run out of steam as investors look for
an opportunity to cash in on that rise.
"For me, it's overdone here, and there's a pullback coming,"
said Darren Courtney-Cook, head of trading at Central Markets
(Reporting by Sudip Kar-Gupta; Editing by Lionel Laurent)