Europe shares fall on profit-taking; telecoms dip

LONDON, Nov 8 (BestGrowthStock) – European shares drifted lower in
early trade on Monday, with investors taking profits and selling
on technical grounds after a key index closed at its highest in
more than six months in the previous session.

But market sentiment stayed positive as the outlook for the
U.S. economy brightened following the Federal Reserve’s
announcement last week to buy more debt and after encouraging
U.S. jobs data on Friday.

At 0807 GMT, the FTSEurofirst 300 (.FTEU3: ) index of top
European shares was down 0.1 percent at 1,110.27 points after
closing at its highest level since mid-April on Friday.

“Some degree of profit-taking doesn’t come as a surprise
after a gain of about 15 percent since late August. The market
might lack a little bit of direction for the first day or two of
the week,” said Keith Bowman, analyst at Hargreaves Lansdown.

Telecom shares featured among the top decliners, with
Telecom Italia (TLIT.MI: ) falling 1.2 percent after Credit Suisse
cut the company to “neutral” from “outperform”. Deutsche Telekom
(DTEGn.DE: ) fell 0.7 percent, while BT Group (BT.L: ) was down 0.6
percent.
(Reporting by Atul Prakash)

Europe shares fall on profit-taking; telecoms dip