European shares move lower

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Paris - European shares opened slightly lower on Wednesday, near the top of a six-day trading range, with Societe Generale sinking 4 percent after the bank unveiled a bigger-than-expected quarterly loss.

At 10:20 SA time, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,160.59 points. The intraday high since February 5 is 1,162.77 points.

“We're in a lull right now, we've ran out of positive catalysts and the great rotation out of fixed income and into equities hasn't really started,” said David Thebault, head of quantitative sales trading, at Global Equities.

“I've stopped buying stocks for now, although I'm getting ready to buy call spreads to capture the rise when the market resumes its rally.” - Reuters


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