LONDON Jan 24 European equities steadied on
Friday, with some investors seeing value in the market after the
previous session's retreat, although emerging market-exposed
stocks were hit by a rout in Latin American currencies.
Aberdeen Asset Management, which invests in emerging
markets, fell 3.6 percent after Argentine's central bank gave up
its battle against the currency's slide.
Other Latin America currencies, such as the Mexican peso,
were also hard-hit, and the rout then spread to Asia.
For European companies, the weakness in emerging market
currencies eats into the euro value of their revenues and also
makes it harder for them to compete against local players.
The Spanish IBEX, which has high exposure to Latin America,
lagged the other regional bourses, down 0.4 percent.
The broader market steadied after posting its biggest
one-day drop since early December on Thursday.
The FTSEurofirst 300 was up 0.1 percent at 1,333.98 points
by 0809 GMT.