LONDON Oct 25 European shares fell on Thursday
as third-quarter results from the likes of WPP and UPM-Kymmene
highlighted worries over the outlook for global growth and
earnings and helped keep equities in a tight range.
By 0704 GMT, the FTSEurofirst was down 0.88 points,
or 0.1 percent, at 1,092.83.
The index remained in a tight 30-point trading range that
began in early September, with the downside capped by recent
stimulus action by central banks but upside momentum difficult
to maintain as global growth remain patchy.
"We are relatively constructive on markets longer term but
we will remain rangebound in the coming months until we see a
turning point in terms of growth," Philip Poole, global head of
macro investment strategy at HSBC Global Asset Management, said.
Concerns over earnings continue to cap momentum as investors
wait to see whether the stimulus action from central banks,
particularly a third batch of quantitative easing from the
United States, manages to boost growth.
Finnish forestry group UPM-Kymmene shed 5.6
percent after missing third-quarter expectations, while WPP
, the world's largest advertising group, slipped 4.5
percent after it cut its full-year outlook for the second time
in two months on Thursday.