European stocks dip on oil price concerns

PARIS, April 11 (Reuters) – European stocks dipped early on
Monday as high oil prices fuelled concern over the impact for
global growth ahead of the earnings season and prompted
investors to book recent gains.

At 0708 GMT, the FTSEurofirst 300 (.FTEU3: Quote, Profile, Research) index of top
European shares was down 0.2 percent at 1,146.15 points. But the
retreat could be limited as the index will run into strong
support on its 50-day moving average, at 1,144.92 points.

“Investors seem too complacent at the moment, ahead of the
earnings season,” said Frederic Buzare, global head of equity
management at Dexia Asset Management, which manages about 86
billion euros ($124 billion).

“I’m cautious on the short term for stocks, with concerns
over cyclical sectors because they are not really attractive in
terms of valuation while the earnings momentum has started to
turn, with rising pressures on margins, and that hasn’t been
priced in analysts’ forecasts yet.”

Bucking the trend, mining shares rose along with metal
prices, with Rio Tinto (RIO.L: Quote, Profile, Research) up 1.1 percent and BHP Billiton
(BLT.L: Quote, Profile, Research) up 2.3 percent.

(Reporting by Blaise Robinson)

European stocks dip on oil price concerns