PARIS, April 17 European shares were steady in
early trade on Thursday, halting the previous session's rebound
as lower-than-expected U.S. results and a warning by SAP
over the negative impact of a strong euro eclipsed
dovish comments from the Fed.
Investors were also reluctant to chase stocks higher ahead
of the Easter holiday weekend, and as tensions in Ukraine
continued to rise.
Shares in Remy Cointreau tumbled 6.2 percent after
the spirits maker warned that full-year operating profit would
drop between 35 and 40 percent, hurt by a Chinese government
crackdown on ostentatious spending.
At 0704 GMT, the FTSEurofirst 300 index of top
European shares was down 0.1 percent at 1,321.41 points, after
gaining 1.2 percent on Wednesday.
Federal Reserve Chair Janet Yellen reaffirmed the Fed's
commitment to keep interest rates low, even after ending its
bond-buying program, as long as inflation remains below target
and unemployment elevated. The dovish comments helped fuel a
rally on Wall Street.
However, the effects of that rally were later mitigated
after Internet giant Google posted first quarter
revenue that fell short of Wall Street targets.
German business software maker SAP fell 3.9
percent after it warned that the negative impact of volatile
exchange rates will worsen in the second quarter as the strong
euro weighs on its financial results.
(Reporting by Blaise Robinson; Editing by Sudip Kar-Gupta)