European shares end flat

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European shares ended flat on Monday, and looked poised for a bumpy ride as relief at a euro zone rescue plan for Spain's banks faded and sellers started to target debt-laden Italy.

The FTSEurofirst 300 index of top European shares provisionally closed 0.1 percent higher at 982.94 points, after trading as high as 1,001.38 on short-lived enthusiasm about a 100 billion euro agreement to recapitalise Spain's struggling lenders.

“The bailout for Spain is a good short-term fix, not a long-term solution,” Nicola Marinelli, portfolio manager at Glendevon King, said. “In this environment of short-term plasters, there are going to be periods of rallies and panic.”

Italy's FTSE MIB was the worst performing index across Europe as it shed 2.8 percent, with local traders citing concerns that the country would come under pressure on the debt market. - Reuters


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