* FTSEurofirst 300 flat, Euro STOXX 50 edges up 0.2 pct
* Getinge slumps after profit warning
* U.S. budget stalemate keeps key equity indexes in check
By Sudip Kar-Gupta
LONDON, Oct 8 The United States' budget
stalemate kept European shares in check on Tuesday, with key
indexes making little progress, while medical technology group
Getinge slumped after a profit warning.
The pan-European FTSEurofirst 300 index was broadly
flat at 1,241.64 points while the euro zone's blue-chip Euro
STOXX 50 index edged up 0.2 percent to 2,928.33
Swedish company Getinge was the worst-performing stock on
the FTSEurofirst 300 index, falling 7 percent after it became
the latest company to warn on profits, following the likes of
consumer goods group Unilever and cruise operator
The FTSEurofirst 300 remains up 9 percent since the start of
2013 while the Euro STOXX 50 is up by 11 percent, but both have
lost ground in October, falling from multi-year highs after the
U.S. government had to partially shut down due to disagreement
among politicians over the country's budget.
"We're trending downwards. I'd keep selling the rallies,"
said Berkeley Futures associate director Richard Griffiths.
The profit warnings from some of those European companies
have also weighed on stock markets this month, with analysts
having trimmed 2013 earnings estimates for the pan-European
STOXX 600 index by 3 percent since the start of the
third quarter. ()
U.S. DEBT CEILING
The U.S. budget standoff has led to concerns about the $16.7
trillion U.S. debt ceiling, which Treasury Secretary Jack Lew
has said the government will hit no later than Oct 17.
However, most investors still expect a deal to be reached
eventually, and U.S. President Barack Obama said he would accept
a short-term increase in the nation's borrowing authority to
avoid a default.
"What's going on in the U.S. is insane, but the market seems
to be taking it in its stride," said Andreas Clenow, hedge fund
trader and principal of Zurich-based ACIES Asset Management.
"I'm prepared to step out at any time should it come
crashing down, but for the moment I'm still betting on the
upside. Equities have held up remarkably well given what's
going on. If that's not a strong sign, I don't know what is."