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European shares inch up after worst 4 days in 9 months
April 18, 2013 / 7:10 AM / 5 years ago

European shares inch up after worst 4 days in 9 months

LONDON, April 18 (Reuters) - European shares edged higher on Thursday, with some investors seeing value after the market’s worst four-day fall in nine months, though a crop of weak earnings and global growth concerns kept a lid on the gains.

The FTSEurofirst 300 was up 0.1 percent at 1,149.09 points by 0703 GMT, recovering some poise after hitting its lowest intra-day level since Jan. 2 at 1,144.13 on Wednesday.

The pan-European index has lost 3.8 percent since last Thursday’s close - its worst four day run since July 2012 - and is now down around 5.1 percent from the 4-1/2 year peaks hit last month.

“It seems that there is some bid in the European session today but it could still change as we have some important figures coming from the U.S. and recent U.S. data has disappointed with regards to expectations,” said Peter Garnry, head of equity strategy at Saxo Bank.

“I am still betting on a 7 percent decline from the peaks, so in that context I would expect more dips.”

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