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Euro Stocks Ready to Pause After Rally

Reuters
Monday, 15 Oct 2007 | 2:24 AM ET

European stocks were seen edging lower on Monday, after rallying for nearly three weeks, but losses could be limited as buoyant crude oil prices are expected to lend support to energy shares.

Financial bookmakers, or spread betters, in London expected Britain's FTSE-100 index to open unchanged to 6 points lower, the German DAX 16 to 22 points lower and the French CAC 40 unchanged to 8 points lower.

The FTSEurofirst 300 index of top European shares closed 0.1% higher on Friday at 1,600.99, its highest close since July 20, as the market rose along with Wall Street, where technology shares led the advance.

The benchmark index, up about 8% on the year, is still down 2% below a 6-1/2 year high reached in mid-July, before concerns over turmoil in the U.S. subprime mortgage market hit equity markets worldwide.

Major banks including Citigroup are looking at setting up a roughly $80 billion fund to buy ailing mortgage securities and other assets, in a bid to prevent the credit crunch from further hurting the global economy, sources familiar with the matter said on Sunday.

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