LONDON Dec 10 European shares edged lower in
early trading on Tuesday, with technical charts pointing to
consolidation on main indexes and with investors, faced with an
uncertain policy and economic outlook, locking in profits into
At 0807 GMT, the pan-European FTSEurofirst 300 index
was down 0.2 percent at 1,270.26 points, while the euro
zone's blue chip Euro STOXX 50 index fell 0.2
percent to 2,984.05 points
The STOXX 50 index remained stuck within its 50-day and
100-day moving averages, with a recent three-week low of 2,940
seen supporting the index.
"The index recently tested and confirmed the long-term
resistance zone 3,050-3,100. From a short-term perspective, the
index concluded its June uptrend with a profit-taking signal and
entered a consolidation, which should continue in the coming
days," Sophia Wurm, technical analyst at Commerzbank, said.
Uncertainty over how soon the U.S. Federal Reserve will
start to scale back its equity-friendly bond purchases was also
expected to keep investors in a cautious mood.
St. Louis Fed President James Bullard, who is a voting
member on the Fed's policymaking committee this year, said after
the European market close on Monday that the U.S. central bank
could slightly reduce its monthly bond purchases this month in
reaction to signs of an improved labor market.
Vopak fell 5.5 percent to the bottom of the
FTSEurofirst 300 index after presenting a more cautious outlook
for the coming years.