European shares fall

Last updated 07:58 30/07/2010

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European shares closed lower on Thursday, with heavyweight banks among the biggest fallers, mirroring weakness on Wall Street and erasing gains from earlier in the session following upbeat corporate earnings.

The pan-European FTSEurofirst 300 index of top shares closed 0.4 percent lower at 1,047.24 points, having earlier risen to a high of 1,060.96 points, after shares on Wall Street turned lower.

Stocks were also pressured as the Euro STOXX 50 index failed to break a key resistance for the third consecutive day.

"Most of the numbers kicked in a lot better, but there is still a lack of confidence in the sustainability of economic growth and the sustainability of the earnings stream being extended into 2011," said Heino Ruland, strategist at Ruland Research in Frankfurt.

Strong earnings helped cap further losses. Among them, Capgemini, which rose 7.1 percent after it hiked its 2010 margin target and second-half sales target, citing a recovery in business spending.

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- Reuters