European shares dragged down by Wall Street
News that the European Commission is set to allow mobile phone operators T-Mobile and mm02 to pool base stations, antennae and network parts to save up to $5 billion between them in Germany and Britain, was an additional burden for Europe’s equipment makers.
However, any moves were magnified by the light trading conditions, with the region’s biggest market, London, closed for a public holiday. And with key US durable goods and consumer confidence data scheduled for release today some investors kept their powder dry, wary of the potential for more negative news from the world’s biggest economy, even though strategists drew comfort from the market’s recent rally from five-year lows.
