Europe shares edge lower ahead of US GDP, Bernanke

LONDON, Aug 27 (BestGrowthStock) – European shares edged lower in
early trade on Friday and were on track for a third straight
week of losses as investors remained concerned about the pace of
economic recovery after recent grim macroeconomic data.

The market awaited the second estimate of U.S. GDP for the
second quarter and a speech by U.S. Federal Reserve Chairman Ben
Bernanke, who is likely to signal his views about the uncertain
prospects for the world’s biggest economy.

At 0705 GMT, the FTSEurofirst 300 (.FTEU3: ) index of top
European shares was down 0.4 percent at 1,016.32 points after
closing 0.9 percent higher in the previous session.

“We are going to have bumpy couple of weeks, may be even
months ahead. We need to have some clear evidence for the U.S.
economy to turn the corner to get people to look at the equity
market again,” said Franz Wenzel, strategist at AXA Investment
Managers in Paris.

Energy shares were among the top decliners, with crude oil
prices (CLc1: ) falling 0.5 percent on concerns about energy
demand in the United States. BP (BP.L: ), BG Group (BG.L: ) and
Tullow Oil (TLW.L: ) fell 0.4 to 2.9 percent.

(Reporting by Atul Prakash)

Europe shares edge lower ahead of US GDP, Bernanke