December 17, 2012 / 8:26 AM / in 5 years

European shares steady, Aggreko leads fallers

LONDON, Dec 17 (Reuters) - European shares traded flat on Monday and were expected to remain trapped in a tight range but vulnerable to sharp moves given uncertainty surrounding U.S. budget talks, with Aggreko a top faller after its latest update.

As many in the market expect a deal on the U.S. budget to be struck, any news to the contrary could open the way to fresh index falls, especially as traded volumes remain thin.

The FTSEurofirst 300 traded at 1,133.39 at 0815 GMT, having dipped 0.1 percent in the previous session.

“I think we’re heading for a very flattish day with thin volumes. In the week before Christmas you see that trading volumes evaporate quite substantially,” Gerhard Schwarz, strategist at Baader Bank, said.

Shares in temporary power provider Aggreko led fallers across the index, down 16 percent after it warned on the outlook for its business in a trading update.

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