European shares slip ahead of G20; Ericsson jumps

LONDON, Oct 22 (BestGrowthStock) – European shares slipped early on
Friday, retreating after key indexes reached a six-month high on
Thursday as investors awaited the outcome of the G20 financial
leaders in South Korea, though strong earnings gave some support.

Ericsson (ERICb.ST: ), the world’s biggest mobile network gear
maker, jumped 5.8 percent after it posted higher-than-expected
third-quarter core profit.

By 0711 GMT, the pan-European FTSEurofirst 300 (.FTEU3: )
index of top shares was down 0.2 percent at 1,090.65 points
after reaching its highest closing level since late April.

“We are lower though some stocks are seeing some benefit
from the earnings reporting season,” Heino Ruland, strategist at
Ruland Research in Frankfurt said. “But, we are going into the
weekend which is never good for a rally, traders are likely to
clear their books, especially with the G20 meeting going on.”

G20 finance officials started their formal meetings on
Friday, with the United States seeking to corral reluctant
finance leaders into a deal that would commit emerging markets
to cut their current account surpluses and allow their
currencies to rise. [ID:nTOE69L00U]

On the downside, the mining sector fell as investors took a
cautious stance ahead of the meeting, with STOXX Europe 600
Basic Materials (.SXPP: ) down 0.5 percent.
(Reporting by Joanne Frearson)

European shares slip ahead of G20; Ericsson jumps