European shares edge lower in sideways market

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LONDON - European shares edged lower in early trade on Wednesday, consolidating four-month highs as investors awaited greater visibility on central bank action before committing new money.

The pan-European FTSEurofirst 300 index was down 0.5 percent at 1,096.58 at 0704 GMT after hitting a four-month closing high of 1,101.97 in the previous day.

“We'll go sideways to slightly higher until something dramatic happens, such as Spain asking for money,” Justin Haque, a pan-European trader with Hobart Capital Markets, said.

“If we do get an announcement like that from Spain, we'll go down but then we'll get better again because the ECB will have all that it needs to intervene.” - Reuters

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