Economic Calendar

Tuesday, September 23, 2008

Europe shares pare losses as Wall St stocks rise

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LONDON, Sept 23 (Reuters) - European shares pared losses on Tuesday after U.S. stock markets rose strongly in early trade as investors eyed key congressional testimony about a financial sector bailout.

At 1353 GMT, the FTSEurofirst 300 index of top European shares traded 1.2 percent lower at 1,113.68 points after having been at 1,109.79 points before Wall Street opened.

Banks pared losses but were still took most points off the European benchmark, followed by miners.

Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) fell 5.3 percent, ING (ING.AS: Quote, Profile, Research, Stock Buzz) fell 4.7 percent and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) lost 4.4 percent.

Among miners, Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz) lost 6.5 percent and Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) 3.8 percent as metal prices fell.

U.S. stocks .DJI .IXIC .SPX gained 0.6-0.8 percent.

(Reporting by Sitaraman Shankar)




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